VR Education, a virtual reality technology company based in Waterford, has raised 9 million euros in shares.
Davy and Shard Capital Partners have placed a total of 48,350,191 new common shares of € 0.001 each in the company’s capital at a price of 16 pence per share.
The placement shares represent 20% of the ordinary share capital issued by the company before the placement.
Applications have been submitted to Euronext Dublin and the London Stock Exchange for the placement shares to be admitted to trading on Euronext Growth and AIM respectively.
Upon admission, the total number of shares issued to the company will be 290,101,146. The company has no ordinary shares as its own shares.
Octopus Investment is considered a related part of the company for the purposes of the AIM rules and the Euronext Growth rules by virtue of its substantial shareholder status in the company.
Octopus Investment has agreed to subscribe for 18,750,000 placement shares as part of the placement, which the company said was oversubscribed.