Virtual reality technology company VR Education raises €9m

Waterford-based group informed Euronext Dublin of the share sale on Friday

The placing shares represent 20 per cent of the company’s issued ordinary share capital prior to the placing. Photograph: iStock

The placing shares represent 20 per cent of the company’s issued ordinary share capital prior to the placing. Photograph: iStock

 

Waterford-based virtual reality technology company VR Education has raised €9 million in a share placing.

A total of 48,350,191 new ordinary shares of €0.001 each in the capital of the company have been placed by Davy and Shard Capital Partners at a price of 16 pence per share.

The placing shares represent 20 per cent of the company’s issued ordinary share capital prior to the placing.

Applications have been made to Euronext Dublin and to the London Stock Exchange for the placing shares to be admitted to trading on Euronext Growth and AIM respectively.

Following admission, the total number of shares in issue in the company will be 290,101,146. The company does not hold any ordinary shares as treasury shares.

Octopus Investments is considered to be a related party of the company for the purposes of the AIM rules and the Euronext Growth rules by virtue of its status as a substantial shareholder of the company.

Octopus Investments has agreed to subscribe for 18,750,000 placing shares as part of the placing, which the company said was oversubscribed.