The proceeds of the placing are to be used to fund capital expenditure, manufacturing, sales and field support and new product development.
Alan Finlay, chief executive of Microsaic Systems, comments: ‘I am very proud of the progress that our team at Microsaic has made over the past ten years.
‘I believe this new stage of the Company’s evolution will herald the continued growth and development of our business and the creation of further value for our shareholders.’
Saffery Champness were the reporting accountants for the admission, completing the move according to a tight timetable, with a team led by Charles Simpson, head of corporate finance, and Niraj Patel.
Simpson says that there were a number of accounting and legal issues that were successfully resolved prior to the admission. He believes it is a very positive move for Microsaic and a key element of the company’s strategic development.
Finley says that Microsaic is ‘targeting a number of applications from pharmaceuticals to energy’ adding that the company is ‘looking to get our systems in to those industries in the next twelve months.’