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Intelligent Ultrasound (AIM: MED), the intelligent ultrasound software and simulation company, is pleased to announce an oversubscribed Placing to raise £6.25 million (before the deduction of fees and expenses) through the conditional issue of 62,500,000 Placing Shares at 10 pence per Ordinary Share. In addition, the Company is proposing to raise up to approximately a further £0.25 million (before the deduction of fees and expenses) through an Open Offer via the issue of up to 2,506,043 Open Offer Shares at 10 pence per Ordinary Share. The New Ordinary Shares will rank, pari passu, in all other respects with the Company's Existing Ordinary Shares. 

Key Highlights

• Oversubscribed Placing to raise £6.25 million through the conditional issue of 62,500,000 Placing Shares to new and existing institutional and other investors at 10 pence per Placing Share
• Proposed Open Offer to raise up to approximately £0.25 million through the issue of up to 2,506,043 Open Offer Shares to Qualifying Shareholders at 10 pence per Open Offer Share
• The Issue Price equates to the closing mid-market price of 10 pence on 7 August 2019, being the last trading date prior to announcement of the proposed Transaction
• The net proceeds of the Transaction will be used to complete the development and launch of the first ScanNav products to market under the Group's recently announced OEM agreement, complete the development of the Group's second ScanNav product and launch to market under a second OEM agreement, complete the proof of concept development work on the first ScanNav Assist products, continue the proof of concept development work on ScanNav HealthCheck and general working capital

General Meeting

The Transaction is conditional, inter alia, upon Shareholder approval at the General Meeting of the Company which is expected to be held at the offices of Memery Crystal LLP, 165 Fleet Street, London, EC4A 2DY at 11.00 a.m. on 27 August 2019.

Stuart Gall, CEO at Intelligent Ultrasound, said: "This is an exciting time for the Group. The fund raise will enable us to bring our first Intelligent Ultrasound products to market under the Group's recently signed OEM agreement, complete the development and launch our second AI product, as well as accelerating the development of a range of follow-on clinical AI products. We believe the market for AI-based software tools, in the real-time ultrasound image analysis sector, has considerable potential and we would like to thank both our new and existing shareholders for their support."

A Circular containing the Notice of the General Meeting to approve, amongst other things, resolutions relating to the allotment of the New Ordinary Shares, is expected to be published by the Company and sent to Shareholders later today, together with a Form of Proxy and, in the case of Qualifying Shareholders, the Application Form. A copy of the Circular and Form of Proxy will be available on the Company's website at www.intelligentultrasoundgroup.com. Your attention is drawn to the letter from the Chairman of the Company which is set out in the Circular and which contains, amongst other things, the Directors' unanimous recommendation that Shareholders vote in favour of the Resolutions to be proposed at the General Meeting.

Enquiries

Intelligent Ultrasound Group plc	www.intelligentultrasound.com Tel: +44 (0)29 2075 6534
Stuart Gall, CEO
Cenkos Securities	Tel:  +44 (0)20 7397 8900
Giles Balleny/Cameron MacRitchie (Nominated Adviser) Michael Johnson/Julian Morse (Corporate Broking)
Walbrook PR	Tel: +44 (0)20 7933 8780 or [email protected]
Anna Dunphy/Paul McManus	Mob: +44 (0)7876 741 001/Mob: +44 (0)7980 541 893

To read the full release, please click here.