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Symphony Environmental Technologies PLC - Borehamwood, Hertfordshire-based plastics and rubber - Plans to raise GBP750,000 through an equity subscription for 2.5 million shares at a price of 30 pence each to Vincel Investment Holdings Ltd.
Subscription price reflects a premium of 13% to the company's closing price of 26.50 pence on Thursday.
Proceeds from the subscription will go towards ongoing working capital purposes and Symphony's continued development and investment in core technologies.
Also, 2.5 million warrants will be granted to Vincel at an exercise price of 40p per share.
Following the subscription, Vincel will have 15% of the company's enlarged share capital of 179.3 million shares.
Current stock price: 27.33p, up 3.1% on Friday
Year-to-date change: up 65%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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