We are delighted to have participated in a conditional placing for Microsaic Systems:
7 October 2014: Microsaic Systems plc (AIM: MSYS), the high technology company developing next generation mass spectrometry instruments, is pleased to announce a conditional placing (“Placing”) of 10,500,000 new ordinary shares of 0.25p each (“Placing Shares”) at a price of 42 pence per share to raise £4.4 million (before expenses).
Highlights:
· £4.4 million to be raised by way of a conditional Placing to certain existing and new institutional and other investors at a price of 42 pence per Placing Share (representing a discount of approximately 6.7 per cent. to the closing mid-market price of 45 pence on 6 October 2014)
· Aggregate participation in the Placing by Microsaic directors of approximately £125,000
· Net proceeds of the Placing will be deployed to further the growth plans of the Company
· Admission of the Placing Shares expected on 10 October 2014
The net proceeds of the Placing will provide the Company with the additional working capital and capital resources to execute its organic revenue growth plans, which include: (i) generating volume sales of its miniaturised MS (mass spectrometry) system by establishing the Company as an OEM partner (Original Equipment Manufacturer) to market leaders in scientific instruments in a number of parallel application areas and developing its own sales channels to customers in niche, growth application areas; (ii) accelerating the commercialisation of its products and technologies, negotiating complex customer contracts and further outsourcing of manufacturing; and (iii) to provide a strong financial position from which to support commercial negotiations.
The Placing will also enable the Company to continue investing in the development and production of its instruments and technologies. Development plans include variants of the 4000 MiD® for specific applications, enhancements to the ‘Plug & Play’ functionality of the 4000 MiD®, as well as further development and productisation of the Company’s triple quadrupole MS system in collaboration with partners.
The Placing is conditional, as described more fully below.
Colin Jump, Chief Executive of Microsaic, commented:
“Microsaic continues to make good progress in putting in place the key elements of its business that are designed to reinforce its leadership in miniaturised mass spectrometry and drive shareholder value. These include two further OEM agreements with industry leaders over the past year for the global development and commercialisation of scientific instruments that incorporate the Company’s mass spectrometry technologies; outsourcing manufacturing to meet increasing commercial demand; and continuing innovation to make our offering more attractive across the multiple application areas targeted. These new funds will continue to fuel the growth and development of Microsaic’s business and we thank existing and new shareholders for their support of the Company.”
Read the full RNS here.
