TIDMTEK
RNS Number : 6138C
Tekcapital plc
02 October 2018
Tekcapital plc
("Tekcapital" or the "Company")
Placing to raise approximately $1.15 million
Tekcapital plc, (AIM: TEK) the UK intellectual property
investment group focused on creating marketplace value from
university technology, announces today the successful placing of
11,698,335 new ordinary shares of 0.4 pence each in the Company
(the "New Ordinary Shares"), at 7.5 pence per share, to raise
$1.15m (GBP0.9 million) to fund investment in key activities and to
further develop and progress with the commercialisation of its
portfolio of IP technologies and for working capital purposes (the
"Placing").
Key Highlights:
-- Placing of 11,698,335 New Ordinary Shares at 7.5 pence each
to raise approximately $1.15m (GBP0.9 million) before expenses
-- Proceeds to be used to further develop and progress with the
commercialisation of its portfolio of IP technologies
-- Support from new investors
Background to the Placing and use of proceeds
Tekcapital is a unique intellectual property ("IP") investment
and services company, specialising in the acquisition and
commercialisation of technologies developed throughout a global
university network of over 4,500 institutions in 160 different
countries. This allows visibility of a large amount of the world's
university developed IP available for acquisition, whereby through
leveraging its extensive network of scientific advisors, who are
able to assist in selecting and evaluating IP opportunities,
Tekcapital is able to mitigate against adverse selection. In
addition to the Company's University IP investment activities, the
Company provides specialist services for organisations that want to
acquire University IP for licensing, or to hire tech transfer
expertise, in addition to providing bespoke training programs for a
variety of public and private sector clients. Having demonstrated
growth in Latin America, the Company believes further expansion
opportunities exist in this market.
A significant amount of the Placing will be utilised to expand
Tekcapital's commercialisation of their investment portfolio of
businesses. The Company believes that there is considerable value
to be realised from the portfolio of patent rights, and is
continuing to further commercialise these operations. The Company's
portfolio of investments includes:
-- Belluscura plc, of which Tekcapital now owns 33.0%, and in H1
2018 reported continued progress within its advanced portable
oxygen concentrator ("POC") program. Belluscara is a medical device
company that acquires non-core assets from leading medical device
companies and research institutions with a capable and highly
experienced management. The global POC market is projected to reach
a value of US$1.7bn in 2022.
-- Lucyd ltd, which is wholly owned by Tekcapital, sells
innovative smart-glasses, regular spectacles and also own exclusive
license to 13 patents and one patent application for Augmented
Reality ("AR") glasses. In H1 2018 Lucyd completed a Token
Generation event to secure approximately $6.0m in funds, which it
intends to use for the development of AR glasses. Lucyd recently
launched an online store featuring latest technologies and trends
in eyewear, including Lucyd-developed smartglasses, designer
frames, and other innovations in spectacles.
-- Salarius ltd, of which Tekcapital owns 97.5%, with the
remaining 2.5% recently purchased by Victor Manzanilla, the new CEO
of Salarius. Salarius holds a patented process for producing
Nano-particle sized salt crystals, which can reduce sodium
consumption by up to 50.0%. Salarius's aim is to commercialise this
low-sodium Microsalt (TM) to improve the nutritional value of
foods, through both a low-sodium table salt and a reduced sodium
snack brand.
The Company will use the additional proceeds of the Placing for
working capital purposes, to invest in key activities, and to
further develop and progress with the commercialisation of its
portfolio of IP technologies.
Details of the Placing
finnCap Ltd is acting as the Company's nominated adviser and
joint broker with Novum Securities Limited in connection with the
Placing.
The Placing is subject to certain Terms and Conditions. The
Placing is not underwritten.
The Placing comprises 11,698,335 New Ordinary Shares. The New
Ordinary Shares have been placed at the Placing Price with new
investors. The Placing as a whole will raise proceeds of $1.15
million (GBP0.9 million), before expenses, for the Company. The New
Ordinary Shares will represent approximately 22 per cent. of the
enlarged issued share capital.
The New Ordinary Shares will be in registered form and capable
of being held in certificated form or uncertificated form in CREST.
The Placing is conditional upon the Placing Agreement becoming
unconditional and Admission by no later than 8.00 a.m. on 16
October 2018 (or such time and date as the Company, finnCap and
Novum may agree, being not later than 25 October 2018). The Placing
is not being underwritten by either finnCap or Novum.
Application for Admission
Application will be made for the New Ordinary Shares to be
admitted to trading on AIM. Admission is expected to become
effective on or around 16 October 2018 ("Admission"). All Ordinary
Shares have equal voting rights and none of the Ordinary Shares are
held in treasury. The total number of voting rights in the Company
immediately following Admission will therefore be 54,353,042.
Cliff Gross PH.D, Chief Executive Officer of Tekcapital plc
commented:
"I am pleased to announce the successful conclusion of this
fundraise with support from new shareholders. The proceeds from the
Placing will enable Tekcapital to continue its growth objectives
and deliver further value to shareholders"
For further information please contact:
Tekcapital plc
Clifford M Gross, Ph.D Via Walbrook PR
finnCap Ltd (Nominated Adviser
and Joint Broker) +44 (0) 20 7220 0500
Geoff Nash (Corporate Finance)
Max Bullen-Smith (Corporate
Finance)
Camille Gochez (ECM)
Novum Securities (Joint +44 (0) 29 7399 9427
Broker)
Colin Rowbury
Walbrook PR Ltd +44 (0) 20 7933 8780
Paul Cornelius / Nick Rome / Sam Allen tekcapital@walbrookpr.com
Tekcapital plc - The World's Largest University Network for Open
Innovation
Tekcapital's objective is to create value from investing in new,
university-developed intellectual properties. Additionally, using
its proprietary discovery search engine, linked to 4,500+
universities in 160 countries, coupled with expert scientific
review, Tekcapital provides a range of IP investment services to
make it easy for organisations to find, evaluate, acquire and
license university-developed technology. Tekcapital plc is quoted
on the AIM market of the London Stock Exchange (AIM: symbol TEK)
and is headquartered in Oxford, in the UK. For more information,
please visit www.tekcapital.com
This Announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market
soundings (as defined in MAR) were taken in respect of the Placing
with the result that certain persons became aware of inside
information (as defined in MAR), as permitted by MAR. This inside
information is set out in this Announcement. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of such inside information relating to the
Company and its securities.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOEUGGWUUUPRPUG
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