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(Corrects share price.)
(Alliance News) - SRT Marine Systems PLC on Thursday said it raised funds as it announced a further fundraise.
The Somerset, England-based provider of maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection announced a fundraising of up to GBP10.5 million, comprising of a subscription, placing and retail offer.
The firm aims to use the proceeds "to fund working capital to strengthen the company's balance sheet and facilitate the growth of both the surveillance systems and navigation transceivers businesses."
It added that it raised GBP7.0 million via a subscription agreement with its strategic investor Ocean Infinity, who will subscribe for a total of 20.0 million shares. Ocean Infinity is a marine technology company.
SRT Marine Chief Executive Officer Simon Tucker said: "SRT has pioneered the next generation of advanced digital technologies and systems for maritime surveillance, vessel monitoring and navigation safety, and become the established global leader in this growing market. We were pleased to receive an approach from Ocean Infinity, and subsequent synergistic investment alongside other existing shareholders. Both companies share a common vision for the future of maritime domain awareness, are leaders in our respective fields and have directly complementary skills and technologies."
Further, it announced a retail offer at an issue price of 35 pence per share,a discount of about 16% to the closing share price of 41.5p on Wednesday.
SRT Marine shares fell 6.4% to 38.84 pence each on Thursday afternoon in London.
The company will ask for shareholder approval for the placing resolutions at a general meeting on January 15.
By Tom Budszus, Alliance News slot editor
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