(Alliance News) - Haydale Graphene Industries PLC on Friday said it plans to raise GBP6.0 million for working capital purposes.
Haydale Graphene, a Carmarthenshire, Wales-based technology solutions company, said it plans to conduct a placing of 912.0 million shares at the issue price of 0.5 pence per share to raise GBP4.6 million.
The placing prices represents a 36% discount to the shares closing price of 0.78p on Thursday.
Its shares were down 18% to 0.64p each on Friday afternoon in London.
The placing will be conducted by way of an accelerated bookbuild which will be launched immediately.
Haydale said it plans to raise a further GBP440,000 through a subscription of 88.0 million new shares at the issue price.
In addition, it intends to carry out a separate retail offer of up to 200.0 million new shares to raise a further GBP1.0 million.
Haydale said it will use the proceeds to fund the general working capital needs of the business.
By Sophie Rose, Alliance News reporter
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Haydale (HAYD)