Deepverge has announced its intention to raise £10.0 million (gross) through a conditional placing and subscription (the ‘Placing’) of c.33.3 million new ordinary shares with existing and new investors at an issue price of 30 pence each.
Comprising two tranches, the first of which (£6.33 million) is based on existing authorities, while the second (£3.12 million) plus the Subscription (£0.55 million) remain subject to shareholder approval that will be sought through a General Meeting on 23 June 2021.
The funds will be used to scale operations, meet increased demand and expand revenues faster across the Group. Reflecting primarily the major investment and growth opportunity it now finds itself presented with, Deepverge’s business model has focussed on the application of artificial intelligence (‘AI’) to life science and environmental health test services for bacteria, viruses and toxins, capable of servicing a global community that is highly incentivised to ensure no possibility of Pandemic conditions repeating in coming years.
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