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(Alliance News) - SRT Marine Systems PLC on Monday said it has taken several actions to bolster its cash position as part of a Covid-19 resilience plan.
The company, which provides maritime surveillance and vessel tracking services, said it has raised gross proceeds of GBP1.5 million through the issue of 6 million new shares at 25 pence per share and GBP1 million through the issue of notes.
The Norton, England-based company also launched a retail share offer at the same price.
Additionally, the company has applied for a loan facility of up to GBP4.5 million under the UK government's Coronavirus Business Interruption Loan Scheme and hopes to receive approval for a facility before the end of April.
SRT Marine, which also has taken steps to reduce costs, expects to have raised total cash of between GBP2.5 million and GBP7.0 million prior to the end of April.
"These measures have been carefully planned and executed to allow for a significant Covid-19 related delay in normal business and thus ensure the resilience of the company through this extraordinary period," SRT said.
Shares in the company closed at 27.50p each in London on Monday, up 3.8%.
By Tapan Panchal; tapanpanchal@alliancenews.com
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