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Feb 22 (Reuters) - Purplebricks Group Plc:
* Proposed placing of new ordinary shares to raise up to £50 million for us expansion
* Purplebricks intends to raise up to £50 million pursuant to placing at a price of 220 pence per placing share
* Placing price represents a discount of approximately 0.6 per cent to closing mid-market price of an existing ordinary share on 21 february 2017
* Number of placing shares and allocations will be determined by joint bookrunners in consultation with company at close of bookbuild.
* Bookbuild will commence immediately and is expected to close no later than 7.00 pm today
* Details of number of placing shares to be subscribed for in placing will be announced as soon as practicable after close of bookbuild.
* Net proceeds of placing (expected to be up to £48.7 million) will be utilised by company to enable purplebricks to launch its business in us
* Directors intend that first stage of roll out of purplebricks proposition in US will begin in second half of 2017 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)