TIDMDVRG

RNS Number : 2574E

Deepverge PLC

27 October 2022

DeepVerge PLC

("DeepVerge" or "Company")

Broker Offer to raise a maximum of GBP2.5m

-- DeepVerge (AIM: DVRG) announces a Broker Offer through Turner Pope Investments (TPI) Limited. ("TPI")

   --    The Issue Price of the Broker Offer is 2 pence per New Ordinary Share.

-- Every 4 (four) Broker Offer shares issued will have 1 (one) Placing Warrant attached, exercisable at 3 pence per Placing Warrant, for a period of 12 months from Admission of the Broker Offer shares.

-- The Broker Offer has an initial expected value of GBP1.0 million, but may be extended to GBP2.5 million with the express agreement of the Company.

-- Existing Shareholders or other interested parties who are qualified investors who wish to register their interest in participating in the Broker Offer should click on the following TPI platform link: DeepVerge - TPI Broker Offer (URL: https://forms.office.com/r/nptcgkst65)

-- All bids communicated to TPI under the Broker Offer are subject to review and acceptance by the Company and TPI and priority will be given to Existing Shareholders in the event of oversubscription.

   --    The Broker Offer remains open until 4:30 p.m. on Friday, 28 October 2022.

-- All Broker Offer shares will be issued subject to shareholders' approval at a General Meeting expected to take place on 14 November 2022.

Turner Pope Broker Offer

DeepVerge, the environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins, is pleased to announce that it wishes to provide Existing Shareholders and other investors who did not participate in the oversubscribed Fundraising announced today the opportunity to invest in the Company. Accordingly, under the Placing Agreement, TPI has been granted an option in the form of a Broker Offer under which TPI will, as agent for the Company, invite subscriptions for additional new Ordinary Shares with a value expected to be around GBP1.0 million at the Issue Price but which may be increased up to GBP2.5 million subject to agreement between TPI and the Company. Accordingly, the maximum number of New Ordinary Shares to be issued under the Broker Offer at the Issue Price is 125,000,000. The maximum number of Placing Warrants to be issued under the Broker Offer is 31,250,000.

The Broker Offer opens immediately and will close at 4.30 p.m. on Friday, 28 October 2022.

As far as is practical, participation in the Broker Offer will be prioritised for shareholders (direct or indirect) on the register at the close of business on 26 October 2022 ("Existing Shareholders"). If the expected maximum subscription under the Broker Offer is taken up, it will raise an additional GBP2.5 million, before expenses.

To subscribe for Broker Offer Shares, Existing Shareholders or other interested parties who are qualified investors who wish to register their interest in participating in the Broker Offer should click on the following link: DeepVerge - TPI Broker Offer (URL: https://forms.office.com/r/nptcgkst65)

A further announcement will be made following the end of the period during which the Broker Offer is open. If the Broker Offer is not fully subscribed by 4.30 p.m. on 28 October 2022, orders from eligible investors will be satisfied in full, and the balance of the Broker Offer shall lapse.

General Meeting

Completion of the Broker Offer is conditional on the relevant Resolutions being passed at the General Meeting, which is expected to take place on 14 November 2002. Admission of the Broker Offer Shares is expected on or around 16 November 2002. Further detail on the General Meeting and key dates for Admission of New Ordinary Shares are contained in the RNS detailing the Fundraising, also issued today, and will be available in the Circular to be published to the Company's website www.deepverge.com.

For further information, please contact:

 
                                                      +44 (0) 1904 40 
 DeepVerge plc              Ross Andrews, Chairman     4036 
 
 SPARK Advisory Partners 
  Limited                                             +44 (0) 113 370 
  (Nominated Adviser)       Neil Baldwin               8974 
 
 Turner Pope Investments 
  (TPI) Limited             Andy Thacker/James        +44 (0) 20 3657 
  (Broker)                   Pope                      0050

Market Abuse Regulation (MAR) Disclosure

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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END

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October 27, 2022 02:01 ET (06:01 GMT)

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