(Alliance News) - Haydale Graphene Industries PLC on Tuesday said it has raised GBP5.5 million through an open offer, placing and subscription of 275.5 million shares.
The Ammanford, Wales-based graphene technology company announced a GBP5.0 million placing and GBP510,000 open offer back in August. The shares were offered at 2 pence each, a 20% discount to its share price at the time.
Its shares were down 6.1% to 2.04 pence each in London on Tuesday around midday.
In August, the day after the announcement, Haydale said it had raised GBP5.0 million through a placing and subscription.
On Tuesday, the company said it has received applications of around GBP740,000 open offer shares.
It has therefore scaled back excess applications and has raised GBP510,336, via an open offer of 25.5 million shares at the placing price.
In total, GBP5.5 million has been raised, with 275.5 million shares being admitted to trading on London's AIM.
The fundraise will be used to fund general working capital needs, Haydale said in August.
By Sophie Rose; sophierose@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Haydale (HAYD)