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Home Modern Water Modern Water (MWG) raises £10 million

Modern Water (MWG) raises £10 million

2013-02-12 

AIM listed water technology company Modern Water has raised £10 million (before expenses) through a share placing, which was oversubscribed, at a price of 50p per share (a discount of 17.7% to yesterday’s closing price of 60.75p per share). The company, valued at £40 million after the placing, raised the funds in order to pursue opportunities for the commercialization of the Forward Osmosis technology developed by its membrane division, throughout the Middle East and China. It also aims to grow its monitoring business.

According to Neil McDougall, the company’s Executive Chairman, Modern Water will also make further investments in membrane efficiency for the Membrane Processes Division and expand the Monitoring Division through acquisitions.

 

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