DeepMatter raises £4m for development of 'DigitalGlassware'

25th Feb 2019 11:02

(Sharecast News) - Chemistry digitisation company DeepMatter has raised about £4m by way of a placing of 159,185,680 new ordinary shares with new and existing investors at 2.5p each, it announced on Monday.The AIM-traded firm said the issue price of 2.5p represented a discount of 12.3% to the closing mid-market price of 2.85p per share on 19 December.It said the net proceeds of the placing would be used to further finance ongoing 'DigitalGlassware' technology development, including integration of cheminformatics capabilities, user and partner support, marketing, data science, manufacture and for working capital requirements of the enlarged group.Application was being made to the London Stock Exchange for the new shares to be admitted to trading on AIM, the board confirmed."We are delighted to be be oversubscribed in our placing and would like to thank both our existing and new shareholders for the support they have shown in the Group and its DigitalGlassware platform," said DeepMatter chief executive officer Mark Warne."We are excited to move forward with the integration of InfoChem and accelerate development towards our end goal - the digitisation of chemistry."We approach the future with great confidence and look forward to updating our shareholders on progress in due course."