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(Alliance News) - CAP-XX Ltd on Tuesday said it has received valid applications in respect of a total of 22.2 million open offer shares, raising gross proceeds of GBP670,000.
At the end of November, CAP-XX agreed to buy supercapacitor production equipment from Japanese firm Murata Manufacturing Co Ltd to increase its production capacity by three times. CAP-XX designs prismatic, high-power supercapacitors, and Murata is a licensee of CAP-XX's technology and patents.
To help fund the deal and other working capital needs, CAP-XX proposed to raise up to GBP3.5 million through a discounted equity raise.
At the time, CAP-XX said it already had conditionally raised GBP2.6 million through a placing of 87.0 million at 3.0 pence each.
In addition, the AIM-listed company raised GBP140,000 through a 4.7 million share subscription at the same price as the placing.
Finally, it proposed an offer to qualifying investors of up to a further 25.0 million shares at the placing price, but only managed to sell 22.2 million shares. Shares in CAP-XX were 3.3% higher at 3.10p each in London on Tuesday.
CAP-XX said it will have 438.4 million shares overall following the admission.
"We are delighted with the result of the offer to qualifying participants and wish to thank our shareholders for their support of CAP-XX's strategy," said Chief Executive Anthony Kongats.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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