14 Aug 2008 12:31
14 August 2008
Immersion Technologies International plc
("Immersion Technologies" or "the Company")
Equity Placing
The Company is pleased to announce that it has successfully raised gross proceeds of £175,000 via a placing of 17,500,000 ordinary shares of 0.7p each in the capital of the Company at a price of 1p per ordinary share ("Placing Shares") with certain investors (the "Placing").
Pursuant to the Placing, participants have additionally been granted one warrant to subscribe for an additional ordinary share in Immersion Technologies for every two new ordinary shares subscribed in the Placing (the "Warrants"). These Warrants are exercisable at 1.5p per share for a period of five years from the date of admission of the Placing Shares to trading on AIM.
The Placing proceeds will further enable the Company to continue to provide the necessary working capital for its growing range of products and the development of those products.
The Company has also issued a further 1,100,000 ordinary shares of 0.7p each, in lieu of fees related to the Placing (the "Fee Shares"). The recipients of the Fee Shares have been granted Warrants on the same basis as the participants in the Placing, as described above.
The Placing Shares and Fee Shares will, in total, represent approximately 7.0 per cent of the Company's enlarged issued share capital and application will be made for the admission of the Placing Shares and Fee Shares to trading on AIM. It is expected that dealings in the Placing Shares and Fee Shares will commence at 8.00 a.m. on Wednesday, 20 August 2008.
The total number of shares in issue and therefore the total number of voting rights following completion of the Placing and Fee Shares will be 265,324,634.
-ENDS-
For further enquiries:
| Immersion Technologies International plc | |
| David Lenigas, Chairman | Tel: +44 (0) 20 7016 5100 |
| Kiran Morzaria | Tel: +44 (0) 20 7016 5100 |
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| Nabarro Wells & Co. Limited – Nominated Adviser | |
| Hugh Oram | +44 (0) 20 7634 4852 |
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| St. Helens Capital – Nominated Broker | |
| Ruari McGirr / Mark Anwyl | +44 (0) 20 7628 5582 |
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| Pelham Public Relations | |
| Archie Berens / Robert Koh | +44 (0) 20 7743 6679 |