(Alliance News) - Verditek PLC on Monday said it has raised gross proceeds of GBP505,750 through the subscription of 20.2 million shares at 2.5 pence each.
The issue price represents a premium of 14% to the closing price of 2.2p on Friday in London.
Shares in the green technology investment firm were trading 12% higher at 2.47 pence each on Monday afternoon.
Director Gavin Mayhew subscribed for 6 million shares at the issue price, for a total amount of GBP150,000.
"This successful round of funding will allow us to further develop commercial opportunities. Specifically, our immediate priorities are focused on converting the product trials we have developed into sales contracts across the key market segments we are focused on, said Chief Executive Geoff Nesbitt.
"In addition, the funds secured will be applied to funding the further development and commercialisation of our next generation graphene integrated photovoltaic cell through our joint development program with Paragraf," he added.
Following admission, Verditek's issued share capital will comprise 249.4 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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