TIDMPOLX
RNS Number : 2056U
Polarean Imaging PLC
10 July 2018
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN POLAREAN IMAGING PLC OR ANY OTHER
ENTITY IN ANY JURISDICTION.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 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.
Polarean Imaging Plc
("Polarean" or the "Company")
Result of Placing
Polarean Imaging plc (AIM: POLX), the medical-imaging technology
company, with a proprietary drug-device combination product for the
magnetic resonance imaging (MRI) market, announces the successful
completion of the Placing which was announced yesterday to raise
GBP0.8 million (US$1.064 million) (before expenses).
A total of 5,000,000 Placing Shares have been conditionally
placed by Northland with new and existing investors at a price of
16 pence per Placing Share to raise a total of GBP0.8million for
the Company (before expenses). The Placing Shares will represent
6.4 per cent. of the Company's issued Ordinary Share capital as
enlarged by the Placing.
Admission, Significant Shareholders and Total Voting Rights
The 5,000,000 Placing Shares will rank pari passu with the
Company's existing Ordinary Shares. Application will be made for
the Admission of the Placing Shares and it is expected that such
Admission will become effective at 8.00 a.m. on or around 16 July
2018 or such other date as the Company and Northland may agree
(being not later than 8.00 a.m. on 27 July 2018).
W.B. Nominees Limited ("WB Nominees"), on behalf of its clients,
has subscribed for 1,503,125 Placing Shares. Following Admission
W.B. Nominees will, on behalf of its clients, have an interest in
5,070,181 Ordinary Shares, representing 6.5 per cent. of the
Company's issued share capital as enlarged by the Placing.
In addition, entities which are beneficially owned by Michael
Hennigan have subscribed for 625,000 Placing Shares. Following
Admission Michael Hennigan will, have a beneficial interest in
2,625,000 Ordinary Shares, representing 3.3 per cent. of the
Company's issued share capital as enlarged by the Placing.
Following Admission, the Company will have a total of 78,409,464
Ordinary Shares in issue with each Ordinary Share carrying the
right of one vote. The above figure may be used by shareholders as
the denominator for the calculation by which they will determine if
they are required to notify their interest in, or change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Unless otherwise indicated, all defined terms in this
announcement shall have the same meaning as described in the
"Proposed Placing to raise a minimum of GBP0.78m" announcement
which was made on 9 July 2018.
Enquiries:
Polarean Imaging plc www.polarean.com / www.polarean-ir.com
Richard Hullihen, Chief Executive Officer Via Walbrook PR
Richard Morgan, Chairman
Northland Capital Partners Limited Tel: +44 (0)20 3861
6625
David Hignell / Gerry Beaney / Jamie Spotswood
(Corporate Finance)
Vadim Alexandre / Rob Rees (Corporate Broking)
MC Services (European IR) Tel: +49 (0)89 210
2280
Raimund Gabriel
The Life Sciences Division (Financial Adviser)
Navid Malik, Director Mob: 07957 224 730
Alia Minhas, CEO Mob: 07590 696 057
Walbrook PR Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com
Paul McManus / Anna Dunphy Mob: +44 (0)7980 541 893 / +44 (0)7879
Helen Cresswell 741 001
Mob: +44 (0)7841 917 679
About Polarean (www.polarean.com)
The Company and its wholly owned subsidiary, Polarean, Inc.
(together the "Group") are revenue generating, medical drug-device
combination companies operating in the high resolution medical
imaging market.
The Group develops equipment that enables existing MRI systems
to achieve an improved level of pulmonary function imaging and
specialises in the use of hyperpolarised Xenon gas ((129) Xe) as an
imaging agent to visualise ventilation and gas exchange regionally
in the smallest airways of the lungs, the tissue barrier between
the lung and the bloodstream and in the pulmonary vasculature.
Xenon gas exhibits solubility and signal properties that enable it
to be imaged within other tissues and organs.
The Group operates in an area of significant unmet medical need
and the Group's technology provides a novel diagnostic approach,
offering a non-invasive and radiation-free functional imaging
platform which is more accurate and less harmful to the patient
than current methods. The annual burden of pulmonary disease in the
US is estimated to be over US$150 billion.
The Group also develops and manufactures high performance MRI
radiofrequency (RF) coils which are a required component for
imaging (129) Xe in the MRI system. The development of these coils
by the Group facilitates the adoption of the Xenon technology by
providing application-specific RF coils which optimise the imaging
of (129) Xe in MRI equipment for use as a medical diagnostic as
well as a method of monitoring the efficacy of therapeutic
intervention.
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
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