TPG.L Regulatory News (TPG)

13 Jan 2006 11:15

Corac Group Plc13 January 2006 For Immediate Release 13 January 2006 CORAC GROUP PLC Placing to raise approximately £1.1 million Corac Group plc ('Corac'), the intellectual property and licensing companyspecialising in compressor technology, is pleased to announce that Numis hastoday placed 3,528,900 new ordinary shares in the Company ("Ordinary Shares")with certain institutional investors to raise approximately £1.1 million net ofexpenses in new funds for the Company. The Ordinary Shares were placed at aprice of 32 pence per share and represents 4.76 per cent. of the enlarged issuedshare capital of the Company. The proceeds of the placing will be used to augment the Company's workingcapital following the announcement on 28 December 2005 of the first contract winfor the industrial air Fusion compressor and for the further development of thebusiness. For further information: Corac Group plc 01895 813463Prof. Gerry Musgrave, Executive Chairman Buchanan Communications 020 7466 5000Richard Darby, Suzanne Brocks NOTES TO EDITORS Corac is an intellectual property, engineering and licensing group which holdsmany patents. It focuses on high speed electrical direct drive turbo machinerybased on its unique expertise in gas bearings. Corac has created a 'no oil'turbo compressor together with a unique gas seal, and is the innovator of ajoint industry programme for the downhole gas extraction industry.Further information on Corac is available on the internet at www.corac.co.uk This information is provided by RNS The company news service from the London Stock Exchange