15th Jul 2021 15:35
(Alliance News) - Water Intelligence PLC on Thursday said that it has increased the size of its fundraising to raise gross proceeds of GBP7.4 million.
London-based Water Intelligence is a provider of minimally-invasive leak detection and remediation services for both potable and non-potable water infrastructure.
The fundraising comprised the placing of 547,136 shares to raise approximately GBP5.0 million and the subscription for 254,169 shares to raise a total of approximately GBP2.4 million, both at a price of 920 pence per share. The issue price was a 1.6% discount to Tuesday's closing price of 935p.
The net proceeds of the fundraising will be used to provide working capital to fuel further momentum in growth for 2021 and beyond based on the group's core drivers and five-year growth plan.
"Global market demand for solutions to deteriorating water infrastructure is growing rapidly as the price of water rises and saliency of wastewater problems for public health become more manifest. Our residential, insurance, property management and municipal customer base is expanding and we will be applying proceeds from this round to meet increased demand across the US, UK, Australia and Canada," said Executive Chair Patrick DeSouza.
Shares in Water Intelligence were up 0.2% at 912.10 pence each in London on Thursday afternoon.
By Amrit Sahota; [email protected]
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