RNS OUT26 Feb 2021 13:13
26 February 2021
DeepVerge PLC
("DeepVerge" or "Company")
Exercise of Warrants
Provides £443k additional working capital for Skin Trust Club launch
DeepVerge (LSE:DVRG.L), the environmental and life science AI company, has received notification from warrant holders to exercise warrants over 1,230,708 shares in the share capital of DeepVerge ("the Subscriber Warrant Shares") at an exercise price of 20 pence. The consideration for the exercise of the Subscriber Warrant Shares amounts, in aggregate, to a cash value of £246,141.60.
In addition, the Company has received notification from its broker, Turner Pope Investments, to exercise warrants over 1,372,284 shares in the share capital of DeepVerge ("the Broker Warrant Shares") at an exercise price of 15 pence for 557,999 shares and at an exercise price of 14p for 814,285 shares. The consideration for the exercise of the Broker Warrant Shares amounts, in aggregate, to a cash value of £197,699.75.
Gerard Brandon CEO of DeepVerge plc commented:
"DeepVerge has seen annual triple digit percentage revenue growth, culminating in excess of 330% in H2 2020 alone, and delivering £4.4m revenues for 2020. The recently announced production orders of £3.6m evidences the continued growth in line with guidance of £10m revenue from organic growth for 2021.
"We thank our Broker, Turner Pope Investments, for their continued support and confidence in DeepVerge. Working with long term shareholders, they coordinated the exercise of Broker and Subscriber Warrant Shares for 2018 and 2019 placings, removing a perceived overhang of shares which were due to expire on the 2nd May 2021. The Company has been further assured by our Broker and Subscriber Warrant Shareholders that the exercised shares are held by long term shareholders with no party having an immediate intention of disposal.
"As a result, this provides an additional £443,841 cash, and in combination with the undrawn debt of £1.5m available to the Company, provides a strong working capital base to enable continued sales growth from the expansion of our robust orderbook for 2021."
The Subscriber Warrant Shares and the Broker Warrants Shares ("the Warrant Shares") were allotted on 26 February 2021. Application will be made for the Warrant Shares to be admitted to trading on AIM ("Admission"), and Admission is expected to be on or about 4 March 2021. These shares will rank pari passu with the ordinary shares of the Company in issue.
Total voting rights
The Company's total issued capital, after the issue of the Warrant Shares, will be 172,857,347 ordinary shares. As the Company does not hold any shares in Treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company following Admission.
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