# Microsaic Systems Strengthen position with £5.5 million fundraise

- Link: https://www.directorstalkinterviews.com/microsaic-systems-strengthen-position-5-5-million-fundraise/412752287
- Published: 2018-06-06T07:13:56+01:00
- Author: Giles Arbor

**Microsaic Systems plc** (LON:MSYS) the developer of point of need mass spectrometry
instruments, yesterday announced a Placing and the launch of the PrimaryBid Offer.
The Company has today announced that it has conditionally raised gross proceeds 
totalling, in aggregate, £5.5 million through the successful Placing and PrimaryBid
Offer of 275,000,000 New Ordinary Shares at an Offer Price of 2 pence per New Ordinary
Share.

The PrimaryBid Offer has conditionally raised £101,840, which will result in the
issue of 5,092,000 New Ordinary Shares. N+1 Singer has subscribed for 14,908,000
New Ordinary Shares pursuant to its underwriting obligation to the Company.

The Fundraising is conditional on, inter alia, the passing of the Special Resolution
to be proposed at the General Meeting expected to be held at the offices of N+1 
Singer, One Bartholomew Lane, London, EC2N 2AX at 10.00 a.m. on 22 June 2018 (the“
General Meeting”). A circular which will provide further details of the Fundraising
and will include a notice convening the General Meeting, is expected to be sent 
to shareholders and to be available on the Company’s website today.

Application will be made to the London Stock Exchange for the admission of the New
Ordinary Shares to trading on AIM. It is expected that Admission will occur and 
that dealings will commence at 8.00 am on 25 June 2018.

> **Glenn Tracey, CEO of Microsaic Systems Plc commented:** “We are delighted to
> have completed this fundraise with a good mix of high calibre institutional and
> private investors. The new funds will not only strengthen the Company’s balance
> sheet and provide new opportunities, but also enable the Company to complete ongoing
> projects with our existing partner in bioprocessing. The fundraising will allow
> us to continue to further enhance our miniaturised mass spectrometer instruments
> to ensure our continued competitiveness, as well as put Microsaic in a stronger
> position to negotiate commercial partnerships.”

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