YORK, England,
June 7, 2021 /PRNewswire/ --
DeepVerge (LSE: DVRG.L), announces that it has
conditionally raised £10 million, before expenses, by way
of a placing of 31,500,003 new Ordinary Shares and
subscription for 1,833,331 new Ordinary Shares all at a
price of 30 pence per New Ordinary Share representing a
11.8% discount on the closing price on 4
June 2021. This comprises a firm placing of 21,086,888
new ordinary shares to raise £6.32 million (before expenses);
together with a conditional placing of 10,413,115 new Ordinary
Shares, to raise £3.13 million (before expenses) and a conditional
subscription for 1,833,331 new Ordinary Shares, to raise £0.55
million which are subject to Shareholders' approval at a General
Meeting.
Gerry Brandon, DeepVerge CEO
commented:
"DeepVerge has seen a dramatic change over the last year with
the acquisition of Modern Water and hitting our maiden EBITDA
positive quarter in Q4 2020. Along with organic expansion,
2021 has already brought new and exciting service offerings such as
our recently launched Skin Trust Club and initial installations of
our real-time wastewater COVID detection products. With such
progress, this fundraising enables the Company, on three
continents, to scale, to meet increased demand, while expanding
revenues faster across the Group.
"DeepVerge and its shareholders are well placed to reap the
benefits from a much stronger balance sheet, built from the
integration of tried and tested scientific innovation, 30 years of
proprietary data, contributing to solving the current global health
crisis and acting as society's pandemic sentinel for the
future.
"The £10 million raised today allows us to maintain this
momentum. I would like to thank both existing investors for their
support and the high net-worth professional, family office
and institutional clients of Turner Pope Investments, including
Gresham House, who subscribed for a material proportion of the
raise."
The Company has transformed its business model to apply
artificial intelligence to life science and environmental test
services for bacteria, viruses and toxins. The Company intends to
use the net proceeds of £10m for the following purposes:
- Acceleration of Labskin Services
- Expand Skin Trust Club
- Expansion of Modern Water Sales
- Working Capital
The General Meeting at which the resolutions to approve the
Placing will be put to Shareholders. The General Meeting is to be
held at the offices of Jeffreys Henry LLP at Finsgate, 5 – 7
Cranwood Street, London, EC1V
9EE at 12.00 noon on 23 June 2021. A circular
("Circular") and Notice of General Meeting will be sent later today
to shareholders and will be available on the Company's website
www.deepverge.com.
DeepVerge
plc
|
Gerry
Brandon
|
+44 (0) 734 0055
648
|
SPARK Advisory
Partners Limited
|
Neil Baldwin / Andrew
Emmott
|
+44 (0) 113 370
8974
|
Turner Pope
Investments (TPI) Limited Broker
|
Andy Thacker / James
Pope
|
+44 (0) 20 3657
0050
|
For the full announcement please see:
https://www.deepverge.com/wp-content/uploads/2021/06/6053149-Deepverge-Circular-7-June-8.00am.pdf
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/deepverge-plc-deepverge-or-the-company-firm-placing-of-21-086-888-new-ordinary-shares-and-conditional-subscription-and-conditional-placing-of-12-264-446-new-ordinary-shares-at-30-pence-per-share-to-raise-10-million-301306661.html
SOURCE DeepVerge PLC