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LONDON (Alliance News) - Cadmium-free quantum dot and nanomaterials manufacturer Nanoco began trading on the Main Market of the London Stock Exchange Friday, and completed a placing to raise GBP20 million.
The company has moved from its previous listing on AIM, and the final condition for the completion of the share placing was the transfer of its listing.
It placed 19.05 million shares at 105 pence each. Shares in Nanoco are trading down 0.7% at 108.25p Friday morning.
Nanoco plans to use the proceeds to fund its business expansion strategy, including increasing capacity in its production processes, increasing headcount and re-organising the business into four distinctive divisions, broadening its research capabilities, investing in laboratory space and investing in its intellectual property portfolio.
"Nanoco's transition from AIM to the Main Market comes at an exciting point in the company's development and marks an important step in the company's evolution towards its goal of becoming a leading, global materials science business," said Chief Executive Officer Michael Edelman in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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