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Intelligent Ultrasound (AIM: MED), the ultrasound artificial intelligence (AI) software and simulation company, is pleased to announce a Placing to raise £5.2 million (before the deduction of fees and expenses) through the conditional issue of 49,400,000 Ordinary Shares at 10.5 pence per Ordinary Share. The Placing has been arranged by Cenkos Securities and the Placing Shares will rank, pari passu, in all other respects with the Company's Existing Ordinary Shares.

Placing Highlights

• Placing to raise £5.2 million through the conditional issue of 49,400,000 Placing Shares to new and existing institutional and other investors at 10.5 pence per Placing Share
• The Placing Price equates to a 8.7 per cent. discount to the closing mid-market price of 11.5 pence on 16 April 2020 and a 1.7 per cent. discount to the 20 day volume weighted average share price of 10.7 pence per Ordinary Share for the 20 trading days prior to the announcement of the proposed Placing
• Placing Shares represent 18.3 per cent. of the Enlarged Share Capital

Use of proceeds

The net proceeds of the Placing of £4.8 million will be used by the Company for the following purposes:

• to complete the initial development work on the next ScanNav products that include liver, prostate and COVID-19 variants;
• to develop a new neonate simulator; and
• to strengthen the balance sheet and for general working capital purposes.

 

General Meeting

The Placing is conditional, inter alia, upon Shareholder approval at the General Meeting of the Company which will be held at the Cardiff Medicentre at 11.00 a.m. on 4 May 2020.

 

In accordance with current Government regulations in relation to COVID-19, Shareholders are encouraged to submit their Form of Proxy  in advance of the General Meeting, as to attend the General Meeting in person would, as at the date of this announcement, be inconsistent with the relevant regulations. Shareholders who attempt to attend the General Meeting in person in breach of the stay at home measures will not be admitted.

Should Shareholders wish to ask any questions in relation to the Placing or the Resolutions, which they may otherwise have asked at the General Meeting had they been in attendance, they are encouraged to contact the Company prior to the General Meeting by email to [email protected] .

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 5 May 2020, being one Business Day prior to admission to trading on AIM of the General Placing Shares, which are expected to be admitted to trading on AIM on or around 8.00 a.m. on 6 May 2020.

Stuart Gall, CEO at Intelligent Ultrasound, said :

"We are an ambitious business that is creating and developing world-leading AI image analysis software to support clinicians in their use of ultrasound and I would like to thank our shareholders for enabling us to continue to build upon the success we achieved in 2019. Despite the current difficulties in our markets and workplace environments caused by COVID-19, our staff have been magnificent and we are particularly proud that we have been able to help in the training of frontline clinicians around the world with our BodyWorks COVID-19 ultrasound training simulator. Once we are through this current period of COVID-19 related uncertainty, the funds raised should enable the Group to reach profitability from the anticipated Clinical AI software revenues streams that are expected to generate long-term income for the Group over the coming years."

Enquiries:

Intelligent Ultrasound Group plc	www.intelligentultrasound.com Tel: +44 (0)29 2075 6534
Stuart Gall, CEO  Helen Jones, CFO
Cenkos Securities plc - Nominated Advisor and broker	Tel: +44 (0)20 7397 8900
Giles Balleny / Cameron MacRitchie (Corporate Finance) Michael Johnson / Julian Morse (Sales)
Walbrook PR	Tel: +44 (0)20 7933 8780 [email protected]
Anna Dunphy / Paul McManus	Mob: +44 (0)7876 741 001 / Mob: +44 (0)7980 541 893

 To read the full release, please click here.