Surface Transforms, the Merseyside-based manufacturers of world-leading ceramic disk brakes, are pleased to announce that the company have successfully raised £1.4 million from institutional investors at a price of 13 pence per share.

In line with best practice, the company would also like to give Qualifying Shareholders (ie retail investors) the opportunity to participate in an Open Offer at 13 pence per share, intended to raise approximately £0.3 million. The Open Offer is currently available as of 22.04.2020 and the closing date is 11 am 30.4.2020.

The net proceeds of the Placing will provide Surface Transforms with sufficient working capital to enable #SCE to continue operating should COVID-19 impact the business in a material manner. In the accompanying video presentation, Kevin Johnson, CEO gives an operational overview and talks through the various scenarios the company may face. Please do also read the various RNS's released around the Placing and Open Offer for further information.