Placing to raise £3.2 million

Funding Rounds

▤ Summary

Cardiff, UK; 1st April 2016: MedaPhor Group plc (AIM: MED), the global provider of advanced ultrasound training simulators for medical professionals, has conditionally raised £3.2 million by way of a placing of 7,111,112 new Ordinary Shares at 45 pence each with certain existing and new shareholders. The proceeds of the fundraising will allow us to take advantage of the exciting product growth opportunities available to us, particularly as a result of the ABOG agreement.” A total of £0.3 million, representing the issue of 714,000 new Ordinary Shares, has been raised, by way of the Firm Placing, utilising the Company’s existing share authorities put in place at the Company’s annual general meeting held on 6 May 2015. Application has been made for the Firm Placing Shares to be admitted to trading on AIM, with dealings expected to commence on 4 April 2016. The Company has obtained irrevocable undertakings from each of the IP Group entities, Finance Wales Investments (5) Limited and Finance Wales Investments (6) Limited and each of the Directors who hold Ordinary Shares to vote in favour of the Resolutions in respect of the Existing Ordinary Shares held by them which represent, in aggregate, approximately 78.5 per cent. Immediately following Admission, it is expected that IP Group will hold (and consequently Mr Baynes will be deemed to have an indirect interest in) 11,721,162 Ordinary Shares representing 43.0 per cent.

$ Funding

$
Amount $4.6M Total raised
□
Date April 1, 2016 Announcement date
◎
Investors - Lead investors
▥
Company http://www.medaphor.com Funded company

▥ Classifications

industries
HealthTech
applications
AI & Machine learning

◇ AskAI Classifications

Labels
No AI classifications detected

▦ Linked Companies