Result of Placing

RNS Number : 9717N

Location Sciences Group PLC

27 September 2019

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE RELEASE

27 September 2019

Location Sciences Group PLC

("Location Sciences" or the "Company")

Result of Placing

Location Sciences (AIM: LSAI), the leading location data verification and analytics company, announces that, following its announcements released yesterday ("Announcements"), it has successfully placed an aggregate of 27,246,900 new Ordinary Shares at a price of 2.25 pence per share with existing and new investors, raising gross proceeds of approximately £0.6 million. The Placing was conducted by way of an accelerated bookbuild process. Shore Capital acted as sole broker on the Placing.

Application has been made for admission of the Placing Shares to trading on AIM and dealings are expected to commence at 8.00 a.m. on 4 October 2019 ("Admission"). The Placing Shares, when issued, will rank pari passu with the Existing Ordinary Shares.

On Admission, the Company will have 370,497,894 Ordinary Shares in issue and admitted to trading on AIM. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Defined terms used in this announcement will have the meaning (unless the context otherwise requires) as set out in the Announcements.

This announcement contains inside information within the meaning of Article 7 of the Market Abuse Regulation (EU) No 596/2014.  With the publication of this announcement, this information is now considered to be in the public domain.

For further information please contact:

Location Sciences Group PLC	via Milk and Honey PR
Mark Slade, Chief Executive Officer
David Rae, Chief Financial Officer
Shore Capital (Nominated Adviser and Broker)	Tel: [phone]
Tom Griffiths/David Coaten Andy Crossley
Milk & Honey PR	Tel: [phone]
Kirsty Leighton
Jessica Ballinger

About Location Sciences Group PLC:

Location Sciences is the pre-eminent global location verification provider to the $160 billion digital advertising industry. Working in partnership with brands, media agencies and suppliers to reduce ad-wastage and improve the effectiveness of location-based advertising campaigns. 

The digital advertising market place remains unregulated and un-monitored, with an estimated $19 billion wasted on ad-fraud in 2018. Location Sciences has developed Verify, the world's first independent location verification product. Utilising sophisticated machine learning and pattern recognition technologies Verify detects location ad-fraud and shines a light on location data inaccuracy with the aim of bringing back integrity, transparency and trust to the market place.

 

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