FireAngel Safety Technology Group plc:
Fundraise of £9.8 million
Singer Capital Markets is delighted to have supported FireAngel Safety Technology Group plc in conditionally raising £9.8 million gross by way of Placing, Firm Placing and Open Offer, split as follows:
- approximately £2.9 million (before expenses) by means of the Firm Placing with certain existing Shareholders and new investors of 16,093,279 New Ordinary Shares at the Issue Price
- up to approximately £6.9 million (before expenses) by means of the Conditional Placing with certain existing Shareholders and new investors of 38,351,165 New Ordinary Shares at the Issue Price, subject to clawback under the Open Offer
The Issue Price represents a discount of approximately 19.6 per cent. to the Closing Price of 22.4 pence on 29 April 2021, the Business Day prior to the date of this announcement.
The net proceeds of the Fundraising will be used to fund research and development to accelerate new products, implement efficiency improvements and cost savings, and to strengthen the Company’s balance sheet, including optimising the Company’s working capital, in respect of stock and payables and to fund part of the legacy battery returns issue.
John Conoley, Executive Chairman of FireAngel, commented:
“FireAngel has a compelling proposition to protect and save lives with innovative, cutting-edge home safety technology. The funds we are raising will provide working capital for the next stage of our development, allowing us to execute our strategy, accelerate growth in sales and margin and ultimately enhance shareholder value. I would like to thank our existing shareholders for their support and welcome new investors to our business. The Company has made a good start to 2021 and I believe that there is real momentum in the business.”
Singer Capital Markets acted as Joint Bookrunner to the Company and has been appointed as Joint Broker to FireAngel with immediate effect.
About FireAngel Safety Technology Group plc
FireAngel’s mission is to protect and save lives by making innovative, leading-edge home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market.
Market Cap: £28.35 million*
Website: Click here
*As at 30/04/2021