TIDMPPIR TIDMPPIX
RNS Number : 2797K
ProPhotonix Limited
13 July 2011
Embargoed for 0700
13 July 2011
ProPhotonix Limited
("ProPhotonix" or "the Company")
PROPHOTONIX ANNOUNCES INSTITUTIONAL PLACING OF 23,250,000 NEW
COMMON SHARES AT 14P PER SHARE TO RAISE GBP3.255 MILLION ($5.1
MILLION)
ProPhotonix Limited, (London Stock Exchange - AIM: PPIX and
PPIR, OTC: STKR.PK), a designer and manufacturer of LED light
engines and laser diodes modules with operations in Ireland and the
U.K, today announces the completion of a conditional placing of
23,250,000 new common shares of $0.001 each ("Common Shares" or
"Placing Shares") with institutional and other investors.
The Company, through its broker Brewin Dolphin Limited ("Brewin
Dolphin"), has received commitments to subscribe for 23,250,000
Placing Shares at 14p ($0.22) per Placing Share, raising
approximately GBP3.255 million ($5.1 million) before expenses. The
Placing is, inter alia, conditional on admission of the Placing
Shares to trading on AIM ("Admission").
ProPhotonix's CEO, Mark W. Blodgett, said: "We are very pleased
with the high level of demand for shares in the placing and welcome
significant new institutional investors to the share register. The
monies raised will assist the Company in capitalising on the
opportunities available in our chosen markets through the
application of our proprietary technology and expertise in relation
to LED-based lighting applications and in developing our laser
module business. Proceeds will be used to strengthen product
management for the medical equipment market and expand the
Company's direct sales force in the U.S., Ireland, U.K. and
Germany. In addition, we intend to make additional R&D
investments for both the medical equipment and industrial
illumination markets where our compact, high performance LED
solutions are uniquely suited, "added Blodgett.
Background to the Fundraising
Following the Company's admission to AIM in December 2010, the
Company's current strategy is to build on its strong track record
of developing and manufacturing products for the technically
demanding machine vision market. The Company has recently expanded
into the medical equipment and homeland security markets and
intends to develop and market a high power LED light engine product
line for the industrial illumination market. In addition,
ProPhotonix will continue to build its core skills in engineering,
sales and product management, as well as supply chain
management.
The Placing
The Company, through its broker Brewin Dolphin, has received
commitments to subscribe for 23,250,000 Placing Shares at 14p per
Placing Share, raising approximately GBP3.255 million before
expenses. The Placing is, inter alia, conditional on admission of
the Placing Shares to trading on AIM ('Admission').
The Placing Shares comprise 1,071,429 Placing Shares which have
been allotted at a board meeting held on 12 July to a venture
capital trust (the "VCT Placing Shares"), and 22,178,571 Placing
Shares which have been allotted at a separate board meeting held on
12 July to institutional and other investors (the "Non-VCT Placing
Shares").
Application will be made for the VCT Placing Shares and the
Non-VCT Placing Shares to be admitted to trading on AIM and it is
expected that Admission will occur, and dealings in the VCT Placing
Shares will commence, on 18 July 2011 and that Admission will
occur, and dealings in the Non-VCT Placing Shares will commence, on
19 July 2011.
Following completion of the Placing, the Placing Shares will
represent approximately 30.6% of the enlarged issued share capital
of the Company, which will then comprise 76,060,174 Common Shares.
The Placing Shares will, when issued, rank pari passu in all
respects with the existing issued Common Shares.
The Placing Shares will trade with ISIN USU743121068 under the
ticker PPIR and are Regulation S restricted under US securities
laws and therefore trade outside CREST.
Directors' Dealings
Tim Steel, Non Executive Director, has subscribed under the
Placing for 400,000 Placing Shares at the placing price of 14p per
Placing Share. Following the Placing he will be interested in a
total of 803,000 Common Shares, representing 1.06% of the enlarged
issued share capital.
Enquiries:
ProPhotonix Limited Tel: +44 (0)12
Mark W. Blodgett, CEO 7971 7170
ir@prophotonix.com
Brewin Dolphin Limited Tel: +44 (0)113
Neil Baldwin 241 0130
Cubitt Consulting Tel: +44 (0) 20
Chris Lane / Alice 7367 5100
Coubrough
RD:IR Tel: +44 (0) 20
Isabel Richardson 7492 0500
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, is
an independent designer and manufacturer of diode-based laser
modules and LED systems for industry leading OEMs and medical
equipment companies. In addition, the Company distributes premium
diodes for Opnext, Sanyo & Sony. The Company serves a wide
range of markets including the machine vision, industrial
inspection, defense, sensors, and medical markets. ProPhotonix has
offices and subsidiaries in the U.S., Ireland, and Europe. For more
information about ProPhotonix and its innovative products, visit
the Company's web site at www.prophotonix.com.
This announcement is not directed to nor is it intended for
access by persons located or resident in the United States. None of
the securities of ProPhotonix Limited discussed or referred to in
this press release have been registered under the US Securities Act
1933, as amended ("Securities Act") and may not be offered, sold,
pledged or otherwise transferred except (1) in an offshore
transaction meeting the requirements of Rule 903 or Rule 904 of
Regulation S under the Securities Act, (2) pursuant to an effective
registration statement under the Securities Act, or (3) pursuant to
an available exemption from the registration requirements of the
Securities Act, in each case in accordance with all applicable
securities laws.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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