LONDON (Alliance News) - Applied Graphene Materials PLC said Friday that it has conditionally raised GBP8.1 million through the placing of 4.6 million shares at 175 pence each, and also announced an open offer for up to 1.1 million shares to raise up to GBP2.0 million at the same price.
Shares in Applied Graphene were up 5.1% at 185.00 pence Friday morning.
"This fundraising is another significant step forward in the development of the group and follows a period of strong progress for the business during which time Applied Graphene Materials has developed its commercial platform around its proprietary manufacturing process and graphene formulation know-how," said Chief Executive Officer Jon Mabbitt in a statement.
"The support received from investors enables the group to continue working closely alongside customers via its collaboration and joint development activities, as we target production orders, as well as funding the scale up of our production facilities to increase manufacturing capacity. We are confident that the group remains well positioned to become a leading graphene provider," Mabbitt added.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.