MedaPhor, an intelligent ultrasound software and simulation company, announces that it is proposing to raise £5.0 million (before the deduction of fees and expenses) through the conditional issue of 58,823,530 Placing Shares at 8.5 pence per Ordinary Share. In addition, the Company is proposing to raise up to approximately a further £2.1 million (before the deduction of fees and expenses) through an Open Offer via the issue of up to 24,219,354 Open Offer Shares at 8.5 pence per Ordinary Share. The New Ordinary Shares will rank, pari passu, in all other respects with the Company’s Existing Ordinary Shares.
Key Highlights include:
- Proposed conditional Placing to raise £5.0 million through the issue of 58,823,530 Placing Shares to new and existing institutional and other investors at 8.5 pence per Placing Share
- Proposed Open Offer to raise up to approximately £2.1 million through the issue of up to 24,219,354 Open Offer Shares to Qualifying Shareholders at 8.5 pence per Open Offer Share
- The Issue Price equates to the closing mid-market price of 8.5 pence on 23 November 2018, being the last trading date prior to announcement of the proposed Transaction
- The net proceeds of the Transaction will be used to develop the AI based products, ScanNav AutoCapture and ScanNav AnatomyGuide, to submit them for regulatory approval and for general working capital purposes
- Proposed name change to Intelligent Ultrasound Group plc to reflect the Group’s expansion into the development of AI software for use in clinical ultrasound
The Transaction is conditional, inter alia, upon Shareholder approval at the General Meeting of the Company which is expected to be held at the offices of Memery Crystal LLP, 165 Fleet Street, London, EC4A 2DY at 11.00 a.m. on 12 December 2018.
Stuart Gall, CEO at MedaPhor, said: “This is an important fundraise for the Group that will enable us to continue the development of our range of AI based ultrasound software tools in this new and exciting market. 2019 will be an important year as we look to secure an OEM agreement for ScanNav AutoCapture in the global obstetrics market and submit ScanNav AnatomyGuide for regulatory approval. We would like to thank our shareholders for their continued support and look forward to a successful year under our new Intelligent Ultrasound name.”