BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

PuriCore Release: Placing of New Ordinary Shares


3/22/2011 9:37:35 AM

MALVERN, PENNSYLVANIA, AND STAFFORD, UK, 22 March 2011 – PuriCore (LSE: PURI), the water-based clean technology company, is pleased to announce that it has raised £1.2 million by way of a Placing (the “Placing”) of 2,272,727 new ordinary shares of 10 pence each (“Ordinary Shares”) in the Company (the “Placing Shares”).

The Placing has been completed at a price of 52.8 pence per Placing Share representing a premium of approximately 5.6% per cent. to the closing mid-market price per Ordinary Share on 21 March 2011.

The net proceeds of the Placing will be used to provide working capital to the Company, giving it additional financial flexibility and to facilitate growth.

Application has been made for the Placing Shares to be admitted to the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange Plc, respectively. Dealings in the Placing Shares are expected to commence at 8:00a.m. on 23 March 2011 (“Admission”).

Commenting on the Placing, Chris Wightman, Executive Chairman, said:

“Today’s placing provides PuriCore with additional working capital at a time of global uncertainty. It will enable us to continue to build sales and market share in our US food business where the advantages of our unique chemistry have been validated by many of the largest food retailers in the US and where we are now expanding into the floral industry. We believe that, with the new formulations now available to us, we have the potential to expand our technology quickly into new markets, including wound management and agriculture, and look forward to reporting progress when we deliver our final results.”

Enquiries:

Financial Dynamics Susan Quigley Ben Brewerton +44 (0) 20 7831 3113 PuriCore Chris Wightman Executive Chairman +44 (0) 20 7290 3440

About PuriCore

PuriCore plc is a water-based clean technology company focused on developing and commercialising proprietary green solutions that safely, effectively, and naturally kill infectious pathogens without causing harm to human health or the environment. PuriCore’s patented, proprietary technology mimics the human body’s production of the natural antimicrobial hypochlorous acid, offering a safe and non-hazardous approach to disinfection and sanitisation. The Company’s products are used in a broad range of markets that depend upon controlling contamination, including food retail and foodservice, medical device disinfection, and wound care. Hypochlorous acid is proven to be safe, environmentally friendly, and fast acting against a broad range of infectious pathogens, including major public health threats of C.difficile, E.coli, HIV, Human and Animal Influenza (including H1N1 and H5N1), Legionella, MRSA, M.tuberculosis, Norovirus, and Salmonella. PuriCore is headquartered in Malvern, Pennsylvania, with operations in Stafford and Clevedon, UK. To receive additional information on PuriCore, please visit our website at www.puricore.com, which does not form part of this press release.

Details of the Placing

The Company has raised £1.2 million (before expenses) by the issue of 2,272,727 Placing Shares. The Placing Shares represent approximately 9.09 per cent. of the enlarged share capital of the Company.

The Company has conditionally placed the Placing Shares with institutional and private investors at a price of 52.8 pence per share.

The Placing Price represents a premium of approximately 5.6 per cent. to the closing mid-market price of 50.0 pence per Ordinary Share on 21 March 2011, being the last dealing day prior to the release of this announcement. The Placing Shares will represent an increase of approximately 9.998 per cent. in the current issued share capital of the Company. Following Admission of the Placing Shares, the Company will have a total of 25,003,770 Ordinary Shares in issue.

It is anticipated that dealings in the Placing Shares will commence at 8:00 a.m. on 23 March 2011. The Placing is conditional, inter alia, upon Admission becoming effective no later than 8:00 a.m. on 23 March 2011 or such later date (being not later than 8.00 a.m. on 22 April 2011) as the Company shall determine.

The Placing Shares will be issued credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared or paid thereon following Admission.

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

Juliet Edwards Assistant Financial Dynamics Holborn Gate, 26 Southampton Buildings London, WC2A 1PB D +44 (0)20 7269 7125

www.fd.com



Read at BioSpace.com

PuriCore
 
 

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES