Modern Water has raised £10m through the placing of 20,000,000 new Ordinary Shares with new and existing institutional shareholders.
The net proceeds of the issue of the Placing Shares are expected to be approximately £9.5m and will enable the company to pursue opportunities identified by its membrane division to commercialise its Forward Osmosis technology, particularly across China and the Middle East. It will also grow Modern Water’s monitoring business by licensing and acquiring products to leverage its international distribution network.
In a statement, Neil McDougall, executive chairman of Modern Water said, ‘This is a great vote of confidence in Modern Water. The funds raised will enable us to increase the level and reach of market activities and invest in our growth strategy in key markets, with a particular focus on activities in China. We intend to invest in further improvements in membrane efficiency for the Membrane Processes Division and to expand the Monitoring Division through acquisitions.’