Immotion Group PLC Result of Placing (1295P)

TIDMIMMO

RNS Number : 1295P

Immotion Group PLC

05 February 2019

5 February 2019

Immotion Group plc

("Immotion Group", the "Company")

Result of Placing

Immotion Group plc, the UK-based immersive virtual reality ("VR") 'Out of Home' entertainment business, is pleased to announce that it has raised gross proceeds of GBP3,300,000 as result of the fundraising announced earlier today (the "Fundraising").

A total of 45,499,996 new ordinary shares in the capital of the Company ("Ordinary Shares") have been conditionally placed by WH Ireland Limited, Shard Capital Partners LLP and Leander Capital Partners with new and existing investors (the "Placing") at a price of 6 pence per share (the "Issue Price").

Additionally, as part of the Fundraising, certain Directors, either directly or through associated entities, and other individuals have entered into conditional agreements to subscribe for, in aggregate, 9,499,998 new Ordinary Shares at the Issue Price (the "Subscription").

The Placing and Subscription are subject to shareholder approval. The Issue Price represents a 26% discount to the closing price of 8.1 pence on 4 February 2019 (being the last business day prior to the announcement of the Placing this morning). It is intended that the net proceeds of the Fundraising will be used to accelerate the Company's growth plans.

A circular to shareholders will today be published seeking authority to allot equity securities for cash. Copies of the circular, including the notice of general meeting to be held at WH Ireland Limited, 24 Martin Lane, London, EC4R 0DR on 1 March 2019 at 10:00 a.m., will shortly be posted to shareholders and will be available on the Company's website https://immotion.co.uk/.

Enquiries:

 
 Immotion Group              Martin Higginson   Tel: +44 (0) 161 235 
                                                 8505 
 WH Ireland Limited          Adrian Hadden      Tel: +44 (0) 207 220 
  (Nomad and Joint Broker)    Jessica Cave       1666 
 Shard Capital Partners      Damon Heath        Tel: +44 (0) 207 186 
  LLP                         Erik Woolgar       9900 
  (Joint Broker) 
 Leander Capital Partners    Alex Davies        Tel: +44 (0) 207 195 
  Limited                     Hugh Kingsmill     1458 
  (Joint Broker)              Moore 
 
 Newgate Communications      Elisabeth Cowell   Tel: +44 (0) 20 3757 
  (Financial PR)              Robin Tozer        6880 
                                                 Immotion@newgatecomms.com

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END

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February 05, 2019 05:55 ET (10:55 GMT)

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