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(Alliance News) - Eden Research PLC on Friday announced two equity raises and one proposed retail offer, totalling up to GBP9.0 million, alongside a potential further GBP2.0 million, to fund materials to build up stocks for its new seed treatment.
The Oxfordshire, England-based company focused on sustainable biopesticides and plastic-free formulation technology said it raised GBP1.1 million through a firm placing and subscription of 16.9 million new shares at an issue price of 6.5 pence each.
Eden Research also said it conditionally raised a minimum of GBP7.9 million via a placing of 121.5 million new shares at the same price, with the potential to raise a further GBP1.5 million via a second admission.
Lastly, it proposed a retail offer looking to raise a further GBP500,000 via 7.7 million new shares at the issue price to existing shareholders.
Eden Research said it expects to apply the net proceeds from the firm capital raising and any proceeds from the retail offer "principally to fund materials to build up stocks for its new seed treatment".
Meanwhile, the conditional capital raising will be used to advance the development, registration and commercialisation of new key product categories, including new insecticide formulations and seed treatments.
"Just over three years ago, with the support of a strong group of new and existing investors, Eden successfully refinanced the company which facilitated the building of a highly effective team capable of accelerating the pace of innovation and commercial progress. Subsequently, we have demonstrated the progress that can be made when resourced adequately to support advancement and growth," said Chief Executive Officer Sean Smith.
"There is no better example of this than the recent announcement of our new seed treatment product, Ecovelex, which was developed in close collaboration with Corteva Agriscience. Ecovelex represents not only an entirely new category of products for Eden, but it demonstrates what a focussed, experienced and motivated team can achieve in a relatively short period of time.
"Today, with the encouragement of a good number of new and existing investors, we are pleased to take the next step along our journey, with an accelerated pace and purposeful stride. With the support of investors, we will be able to fulfil an order that represents an opportunity to jump-start the commercialisation of a new product."
Shares in Eden Research closed up 3.2% to 7.74 pence each in London on Friday.
By Greg Rosenvinge, Alliance News reporter
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