Results of EGM and Placing

RNS Number : 7023C

Microsaic Systems plc

19 October 2015

 

Microsaic Systems plc

("Microsaic" or the "Company")

Results of General Meeting and Completion of Placing

19 October 2015

Microsaic Systems plc (AIM: MSYS), the developer of chip-based scientific instruments, announces that a general meeting of the Company was held at 11.00 a.m. (UK time) on 19 October 2015 ("General Meeting"), further to previous announcements made on 30 September and 15 October 2015.

The Company is pleased to announce that all resolutions proposed at the General Meeting were passed and accordingly the Company has authority to issue equity securities up to an aggregate nominal amount of £49,532.91. Consequently, the conditional placing of 9,979,770 new ordinary shares of 0.25p each raising £3.3 million (before expenses) has completed subject to admission of those shares (expected on 20 October 2015) becoming effective in accordance with the AIM Rules for Companies. 

The net proceeds of the placing will provide the Company with additional funds required to provide working capital, support the accelerated commercialisation of the business (including complex customer contracts and further outsourcing of manufacturing) providing balance sheet strength to support commercial negotiations and rapid development of new products, product enhancements, and manufacturing cost reductions.

For the purposes of the Disclosure and Transparency Rules, the Company's total issued share capital following admission of the new shares will consist of 73,365,146 ordinary shares of 0.25p each with one voting right per share. There are no shares held in treasury.

Enquiries:

Microsaic Systems plc	via Citigate Dewe Rogerson
Colin Jump, CEO
Andrew Darby, FD
Numis Securities Limited	[phone]
Stuart Skinner (Nominated Adviser)
James Serjeant (Broker)
Citigate Dewe Rogerson (Financial PR)	[phone]
Mark Swallow, Marine Perrier

About Microsaic Systems plc

Microsaic Systems plc is a high technology company developing and marketing next generation mass spectrometry (MS) instruments for the analysis of gaseous, liquid and solid samples. Microsaic has successfully miniaturised mass spectrometry into a desktop instrument by integrating the key MS components onto patented chip technologies (called ionchip®, spraychip® and vac-chip™). Microsaic's MS products retain the functionality of larger, conventional MS systems but are substantially smaller, lighter, consume less energy and have lower running costs. The Microsaic 4000 MiD® is the world's smallest MS system.

Mass spectrometry is a 'gold-standard' analytical technique used across many industry sectors, including pharmaceutical, diagnostics and healthcare, government, energy, utilities, environmental, food and drink, security and defence, and industrial chemicals - a combined market estimated to grow to $2.5 billion by 2017. Microsaic aims to introduce compact, deployable MS products, based on its core technology, into a series of these target markets.

Microsaic Systems was established in 2001 by a team including founders from Imperial College London, and was admitted to AIM in April 2011 under the symbol MSYS.

www.microsaic.com

 

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