Haydale Share News (HAYD)

(ShareCast News) - Haydale Graphene Industries announced on Tuesday that it has raised gross proceeds of £0.5m in the open offer announced on 23 September, which was heavily oversubscribed.The AIM-traded firm said its total fundraising exercise raised approximately £2.6m, comprising £2m from the placing, £0.5m from the open offer and approximately £55,000 from the subscription.Applications were received for 957,256 open offer shares, representing a take-up of 306%.The company said applications under the excess entitlements will be scaled down, resulting in a total of 312,500 open offer shares being issued."We are extremely pleased with the support shown from all our shareholders," said CEO Ray Gibbs."Whilst our existing and new institutional investors cornerstoned the fundraising, to receive the overwhelming support from all other shareholders who applied for more than three times the allocation under the open offer, is particularly gratifying - but frustratingly we could not extend the offer to accommodate the excess demand."The take-up we have seen for this fundraising demonstrates the strength of support for the company's stated strategies and the acquisition, and we look forward to announcing continuing progress in due course," Gibbs added.At 0951 BST, shares in Haydale were down 2.43% at 197.1p.