(Alliance News) - Haydale Graphene Industries PLC on Monday said it has raised GBP450,000 via a share subscription agreement for general working capital purposes.
The company, which is focused on commercialising graphene and other advanced materials, said it will issue 22.5 million new shares at 2 pence per share, a 25% premium to the company's closing mid-market price on Friday.
Haydale Graphene shares on Monday were up 13% at 1.80p in London, giving the company a market capitalisation of GBP5.7 million. On Friday, the stock closed at 1.60p.
David Banks, non-executive chair of Haydale Graphene, said: "We are pleased to have received such strong support from two of our existing shareholders who truly believe in the progress Haydale is making on its commercialisation journey. The additional funds from the subscription enable our executive team to move forward with additional confidence."
Haydale Graphene had GBP2.47 million in cash as at October 31. The subscription shares represent around 6.6% of the company enlarged share capital. Following admission, the company will have 340.2 million shares in issue.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Haydale (HAYD)