10th May 2019 13:05
LONDON (Alliance News) - Water Intelligence PLC said Friday it is hoping to raise about GBP3.2 million through a placing and subscription to "accelerate its growth strategy".
Water Intelligence - which provides technology that detects water leaks - will issue an aggregate of 863,402 new shares at 370 pence.
The company's shares were trading up 2.1% Friday afternoon at 371.80p each.
"The proceeds received by the company will be used, in particular, to accelerate thecCompany's successful growth strategy, especially expanding American Leak Detection's insurance channel, accelerating organic growth of existing locations and further reacquisition of franchises," the company said.
Water Intelligence will place up to 500,000 shares to raise up to GBP1.9 million and will offer for subscription up to 363,402 shares to raise up to GBP1.3 million.
In addition, the company said, certain directors will exercise options on 350,000 shares and sell them at the issue price "to meet demand from investors".
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