RNS19 Jan 2021 08:12
RNS this am. Looks like potential resurrection.
Microsaic, the high technology company which develops point-of-need mass spectrometers, designed to improve the efficiency of chemical and biological workflows, announces that it has through Turner Pope Investments (TPI) Ltd ("Turner Pope") conditionally raised £5 million, before expenses, by way of an oversubscribed placing ("Placing") of 5,000,000,000 new Ordinary Shares ("Placing Shares") at a price of 0.1 pence per New Ordinary Share ("Placing Price"). A Conditional Broker Option granted to Turner Pope of up to 500,000,000 New Ordinary Shares ("Broker Option Shares") at a price of 0.1 pence per New Ordinary Share is open until 5.00 p.m. on 22 January 2021.
It is intended that Gerard Brandon will join the Board as Non-executive Chairman and Dr Nigel Burton will join the Board as a Non-executive Director, in each case immediately upon completion of the proposed Placing, at which time the current Non-executive Chairman, Peter Grant and Non-executive Director, Eric Yeatman, will also step down from the Board. Eric Yeatman will be retained as a consultant to the Company.
The Transaction is, amongst other things, conditional upon each of the Resolutions being passed at the forthcoming General Meeting and includes:
-- a Placing with certain institutional and other investors, to raise £5.0 million before expenses through the issue of 5,000,000,000 New Ordinary Shares at the Placing Price of 0.1 pence per New Ordinary Share.
-- the Placing Price is at a discount of approximately 50 per cent. to the closing middle market price of 0.2 pence per Existing Ordinary Share on 15 January 2021, being the latest practicable date prior to the publication of this announcement;
-- a Broker Option whereby the Broker, Turner Pope may conditionally allocate up to 500,000,000 New Ordinary Shares (in addition to the Placing Shares) (the "Broker Option Shares") at the Placing Price in order to give the flexibility to meet any additional demand for New Ordinary Shares arising during the period from the announcement of the Transaction up to 5.00 p.m. on 22 January 2021;
-- the issuance of the Fees Shares, whereby (i) 35,000,000 New Ordinary Shares are to be issued at the Placing Price in respect of the first year of fees due to Turner Pope for the provision of its broking services to the Company and (ii) 85,000,000 New Ordinary Shares are to be issued at the Placing Price in settlement of the first year's fees of the Proposed Directors;
-- the issuance of Broker Warrants, whereby transferable warrants are to be issued to JIM Nominees Limited (as nominee on behalf of Turner Pope) for up to 997,000,000 New Ordinary Shares, equivalent to 20 per cent. of the Placing Shares issued to non-director placees, exercisable at the Placing Price for two years from Admission, as part of the consideration payable to Turner Pope for its services as placing agent to the Transactio
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