Results of Placing & Publication of Circular

Further to the announcements of 23 August 2021 regarding the proposed Placing via accelerated bookbuild and PrimaryBid Offer (the “Placing Announcements”), the Company is pleased to announce that it has conditionally raised £3.3 million (before expenses) under the Placing, Subscription and PrimaryBid Offer. The Placing was oversubscribed.

Canaccord Genuity acted as Nominated Adviser, Sole Bookrunner and Sole Broker in connection with the Fundraising.

The following Directors have agreed to subscribe for the following New Ordinary Shares at the Issue Price:

Director/Related Party

Number of New Ordinary Shares subscribed

Value of New Ordinary Shares subscribed

John Clarke



Jonathan Hall






The funds raised include gross proceeds of £0.3 million at 4.0 pence per Ordinary Share via the PrimaryBid Offer, which closed for participation at 7:00 p.m. on 23 August 2021. The Company will therefore issue and allot a total of 7,500,000 New Ordinary Shares to satisfy the PrimaryBid Offer.

Subject to shareholder approval, the Company will issue 82,500,000 new Ordinary Shares pursuant to the Placing, Subscription and PrimaryBid Offer at the issue price of 4.0 pence per share. Admission and dealings in the Placing Shares, Subscription Shares and the PrimaryBid Shares are expected to commence on AIM on 13 September 2021, subject to the passing of the Resolutions by Shareholders at the General Meeting.

A circular, containing further details of the Fundraising and notice of the General Meeting to be held at 10.00 a.m. on 10 September 2021 to, inter alia, approve the resolutions required to implement the Fundraising, is expected to be published and despatched to Shareholders today, 24 August 2021 (the “Circular”).  Following its publication, the Circular will be available on the Group’s website at

Words and phrases defined in the Placing Announcements will have the same meanings in this announcement.