Deepverge PLC Response to Market Speculation (6167C)
12 Outubro 2022 - 3:04AM
UK Regulatory
TIDMDVRG
RNS Number : 6167C
Deepverge PLC
12 October 2022
12 October 2022
DeepVerge PLC
("DeepVerge" or "the Company" or "the Group" )
Response to Market Speculation
DeepVerge plc (AIM: DVRG), notes recent market speculation
regarding forthcoming loan repayments and a potential equity fund
raising.
The Company announced on 17 March 2022 that it had secured a
mezzanine loan facility ("Facility") of up to GBP25 million with
Riverfort Global Opportunities PCC Limited and YA II PN Limited
("the Lenders"), of which an initial GBP4m was drawn down. Monthly
repayments are scheduled to commence with the initial repayment of
GBP0.5m due on 16 October 2022.
The Company and its Broker recently began the process of seeking
to raise equity, not only to repay and retire the Facility but also
to fund sufficiently the Company's working capital requirements to
enable the Company to reach profitability and cash generation
during 2023. However, particularly given the impact of the
above-mentioned speculation on the share price, and although the
institutional equity roadshow is progressing well with positive
feedback, there can be no guarantees that sufficient equity funds
can be raised, nor the terms thereof.
The Company has been in talks with the Lenders for some time and
it has been agreed that there will be no Event of Default relating
to any repayments tha t have been or may be missed up to 14
November 2022 provided the balance of the principal of the funding
from the Lenders and the interest to accrue until the original
maturity date of 16 March 2023 is made in full immediately
following the proposed equity fund raise.
In parallel with seeking to strengthen the balance sheet, the
Company is in the process of strengthening and reorganising the
Board to reflect the recent fast pace of growth and that expected
in 2023 and beyond.
In addition, as announced on 20 July 2022, the Company is
exploring a range of options to meet the unprecedented demand for
Labskin services and the accelerating growth of Skin Trust
Club.
Further announcements will be made in due course.
DeepVerge plc Ross Andrews, Chairman c/o SPARK
SPARK Advisory Partners Limited Neil Baldwin/Andrew +44 (0) 113 370
(Nominated Adviser) Emmott 8974
------------------------ ----------------
Turner Pope Investments (TPI) Andy Thacker/James +44 (0) 20 3657
Limited (Broker) Pope 0050
------------------------ ----------------
Market Abuse Regulation (MAR) Disclosure
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of
companies that develops and applies AI and IoT technology to
analytical instruments for the analysis and identification of
bacteria, virus and toxins; Utilising artificial intelligent data
analytics to scientifically prove the impact of skincare product
claims on skin
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END
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October 12, 2022 02:04 ET (06:04 GMT)
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