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DWF advises Immotion Group plc on placing of new ordinary shares to raise £1.35m

22 May 2020
DWF, the global legal business, has advised virtual reality (VR) business, Immotion Group plc, on an equity fundraising to raise £1.35 million.
Immotion Group plc is a UK based VR "Out of Home" entertainment business which provides immersive VR ‘edutainment’ experiences on a global basis to popular tourist destinations operated by household names including Merlin, Sea Life and Legoland.

DWF has advised the business on a number of deals including their IPO in July 2018, subsequent secondary fundraisings in February and August 2019 and another secondary fundraise in February 2020.

The fundraising, which was effected via an accelerated book build, will be used to see the business through the COVID-19 pandemic whilst helping to accelerate the Company's growth plans together with finalising the build out of a 36-VR seat theatre at the MGM Mandalay Bay Resort and Casino in Las Vegas. 

Leading on the transaction for DWF was partner, Jeremy Swift, alongside senior associate, Jemil Visram and solicitor, Eilidh Durkin. 

Commenting on the deal, Jeremy Swift said, "We're pleased to have advised Immotion Group on its fundraising plans which will provide investment to see them through the COVID-19 global pandemic and propel the business forward to the next stage of their expansion on a worldwide basis. This transaction demonstrates our strong technology sector capabilities and industry knowledge. We look forward to working with the company on their future growth strategy."

Martin Higginson, CEO of Immotion Group added, "This transaction again demonstrates out the value of our long-standing relationship with DWF. The strategic legal advice Jeremy and the team provide us with has supported us at every stage of our journey so far.”