Portfolio news .

Intelligent Ultrasound Group plc

(“Intelligent Ultrasound” or the “Company” or the “Group”)

 

Placing and Subscription to raise £5.2 million

and

Notice of General Meeting

 

Intelligent Ultrasound (AIM: IUG), the ultrasound artificial intelligence (AI) software and simulation company, announces a Placing and Subscription (together the “Fundraising”) to raise £5.2 million (before the deduction of fees and expenses) through the conditional issue of 56,216,220 Ordinary Shares at 9.25 pence per Ordinary Share. The Fundraising has been arranged by Cenkos Securities and the New Shares will rank, pari passu, in all other respects with the Company's Existing Ordinary Shares.

 

Fundraising Highlights

• Placing and Subscription to raise £5.2 million through the conditional issue of 42,504,112 Placing Shares and 13,712,108 Subscription Shares to new and existing institutional and other investors at 9.25 pence per Ordinary Share
• The Issue Price equates to a nil discount to the closing mid-market price of 9.25 pence on 10 November 2022
• The New Shares to be issued under the Placing and Subscription represent 17.2 per cent. of the Enlarged Share Capital

 

Use of proceeds

The net proceeds of the Fundraising of £4.8 million will be used by the Company to strengthen the balance sheet and provide additional working capital, including funding the ongoing development of the existing products.

 

General Meeting

The Fundraising is conditional, inter alia, upon Shareholder approval at the General Meeting of the Company which will be held at the Floor 6A, Hodge House, 114-116 St Mary Street, Cardiff, CF10 1DY at 11.00 a.m. on 30 November 2022.

 

The Company will shortly be posting a Notice of General Meeting and an accompanying circular to existing shareholders following this announcement. All relevant documents will also be available to download from the Company website at http://www.intelligentultrasoundgroup.com/reports-and-presentations/.

 

Subject to, inter alia, the passing of the Resolutions at the General Meeting, the EIS/VCT Placing Shares are expected to be admitted to trading on AIM on or around 8.00 a.m. on 1 December 2022, being one Business Day prior to admission to trading on AIM of the General Shares, which are expected to be admitted to trading on AIM on or around 8.00 a.m. on 2 December 2022.

 

Stuart Gall, CEO at Intelligent Ultrasound, said: “The Directors are very pleased with the response to the oversubscribed fundraising and are thankful to the new and existing shareholders for their continued support. The Directors consider this to have been an excellent year and the Group remains on target to meet the market expectation of £10m revenue in FY22.

 

With a strong simulation portfolio for 2023 and three clinical AI related products launched in the market and generating early revenues, the Board is confident that this fundraising will drive growth in sales that will take the Group to profitability, as well as achieving the Group’s aspirational vision of £25m revenues by 2025, in what the directors believe is an exciting and dynamic market.”

 

Enquiries:

 

Intelligent Ultrasound Group plc			www.intelligentultrasound.com
Stuart Gall, CEO			Tel: +44 (0)29 2075 6534
Helen Jones, CFO
Cenkos Securities plc - Nominated Advisor and broker			Tel: +44 (0)20 7397 8900
Giles Balleny / Max Gould (Corporate Finance)
Dale Bellis / Julian Morse (Sales)
Walbrook PR	Tel: +44 (0)20 7933 8780 or[email protected]
Anna Dunphy		Mob: +44 (0)7876 741 001