DeepVerge PLC ("DeepVerge" or "the Company"): Firm Placing of 21,086,888 new Ordinary Shares and conditional Subscription and conditional Placing of 12,264,446 new Ordinary Shares at 30 pence per share to raise £10 million

Funds to scale, meet increased demand and expand revenues faster across the Group

YORK, England, June 7, 2021 /PRNewswire/ -- DeepVerge (LSE: DVRG.L), announces that it has conditionally raised £10 million, before expenses, by way of a placing of 31,500,003 new Ordinary Shares and subscription for 1,833,331 new Ordinary Shares  all at a price of 30 pence per New Ordinary Share representing a 11.8% discount on the closing price on 4 June 2021.  This comprises a firm placing of 21,086,888 new ordinary shares to raise £6.32 million (before expenses); together with a conditional placing of 10,413,115 new Ordinary Shares, to raise £3.13 million (before expenses) and a conditional subscription for 1,833,331 new Ordinary Shares, to raise £0.55 million which are subject to Shareholders' approval at a General Meeting.

Gerry Brandon, DeepVerge CEO commented: 
"DeepVerge has seen a dramatic change over the last year with the acquisition of Modern Water and hitting our maiden EBITDA positive quarter in Q4 2020.  Along with organic expansion, 2021 has already brought new and exciting service offerings such as our recently launched Skin Trust Club and initial installations of our real-time wastewater COVID detection products. With such progress, this fundraising enables the Company, on three continents, to scale, to meet increased demand, while expanding revenues faster across the Group.

"DeepVerge and its shareholders are well placed to reap the benefits from a much stronger balance sheet, built from the integration of tried and tested scientific innovation, 30 years of proprietary data, contributing to solving the current global health crisis and acting as society's pandemic sentinel for the future. 

"The £10 million raised today allows us to maintain this momentum. I would like to thank both existing investors for their support and the high net-worth professional, family office and institutional clients of Turner Pope Investments, including Gresham House, who subscribed for a material proportion of the raise."

The Company has transformed its business model to apply artificial intelligence to life science and environmental test services for bacteria, viruses and toxins. The Company intends to use the net proceeds of £10m for the following purposes:

• Acceleration of Labskin Services
• Expand Skin Trust Club
• Expansion of Modern Water Sales
• Working Capital

The General Meeting at which the resolutions to approve the Placing will be put to Shareholders. The General Meeting is to be held at the offices of Jeffreys Henry LLP at Finsgate, 5 – 7 Cranwood Street, London, EC1V 9EE at 12.00 noon on 23 June 2021. A circular ("Circular") and Notice of General Meeting will be sent later today to shareholders and will be available on the Company's website www.deepverge.com.

For the full announcement please see: https://www.deepverge.com/wp-content/uploads/2021/06/6053149-Deepverge-Circular-7-June-8.00am.pdf

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.

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