22nd May 2014 10:34
LONDON (Alliance News) - Deletx Medical Group PLC said Thursday it proposes to raise approximately GBP4 million in a placing of new shares and up to GBP1.04 million through a open offer of new shares.
The oesophageal Doppler monitoring company said it proposes to raise up to GBP4 million before expenses by way of a placing of 36,363,636 new ordinary shares at 11 pence per share with institutional and other shareholders.
Deltex said up to a maximum of GBP1.04 million will also be raised by an open offer to qualifying shareholders of up to 9,496,063 new ordinary shares. These will be purchased on the basis of one new ordinary share for every 18 existing ordinary shares of 1p each in the firm at 11 pence per new share.
The net proceeds of the Placing and Open Offer are expected to be between approximately GBP3.7 and GBP4.7 million, said Deltex, and will be used to fund the expansion of the firm's sales and clinical education team in the USA to support expansion, resulting from approaches from 10 new US hospitals since the beginning of 2014.
Shares in Deltex were trading 12.73% lower at 12 pence per share Thursday morning, one of the biggest fallers on AIM.
By Alice Attwood; [email protected]; @AliceAtAlliance
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