Modern Water gets £ 9.5 million from share issue

UK forward-osmosis (FO) and monitoring specialist Modern Water plc announced on 12 February 2013 that it had raised, subject to certain conditions, £ 10.0 million (approximately £ 9.5 million net of expenses) by way of a placing of 20,000,000 new ordinary shares with both new and existing institutional shareholders at a price of £0.50 per ordinary share.

The proceeds of the issue will enable Modern Water to pursue opportunities identified by its membrane division to commercialise its FO technology, particularly across China and the Middle East, and to also grow its monitoring business by licensing and acquiring innovative, proven products to leverage its international distribution network.