Surgical Innovations Group PLC - Leeds-based manufacturer of medical products for minimally invasive surgery - Has raised gross proceeds of GBP2.2 million through placing of 112.5 million new shares and subscription of 25.0 million shares at an issue price of 1.6 pence per share. The net proceeds of the fundraise will be used to reinflate working capital, invest in new product development and sustainability support initiatives, Surgical Innovations said.
Chair Nigel Rogers said: "We are very pleased with the strong support shown for Surgical Innovations, not only from all of our largest six shareholders, but also from a new cornerstone investor. This demonstrates the confidence in the strategic direction of the business and its management, and will enable the company to accelerate exciting growth opportunities, for the benefit of all of our stakeholders, from a secure financial base."
Current stock price: 1.68 pence
Year-to-date change: down 18%
By Paul McGowan; email@example.com
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