Microsaic Systems – Parkwalk Opportunities Fund closes follow on investment

We are delighted to have participated in a placing for Microsaic Systems:

12 September 2016

On 26 August 2016, Microsaic Systems plc (AIM: MSYS), the developer of chip-based mass spectrometry instruments, announced a proposed Placing to raise up to £5.4 million (before expenses) through the issue of up to 108,000,000 new ordinary shares of 0.25p each (“New Ordinary Shares”) at an issue price of 5 pence per New Ordinary Share.

The Company is pleased to announce that, at its General Meeting held earlier today, the Resolution put to shareholders to authorise the directors of the Company to allot the New Ordinary Shares in connection with the proposed Placing was duly passed.

Further to this, the Company can now confirm that it will issue, pursuant to the Placing, 108,000,000 New Ordinary Shares at 5 pence per share, raising £5.4 million (before expenses).  Application has been made for the 108,000,000 New Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will become effective and trading will commence in the New Ordinary Shares at 8.00 a.m. on 13 September 2016. Following Admission the Company’s issued share capital will comprise 181,365,146 Ordinary Shares. From Admission, the figure of 181,365,146 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Colin Nicholl, Chairman of Microsaic, said:

”We are grateful to our existing shareholders as well as new investors for supporting this issue. The funds raised will provide the Company with the resources to develop our existing partnerships, secure additional relationships,  and to increase the spread of applications that are addressed. This in turn will allow the business to grow in a profitable way.”