Velocity Composites PLC - Burnley, England-based supplier of composite material kits to aerospace and other high-performance manufacturers - Receives additional demand from an unnamed "strategic" investor to invest GBP190,000 via the subscription of 475,000 new shares at an issue price of 40 pence each. Shares are expected to be admitted to trading on AIM in London on Friday.
This follows raising GBP6.2 million via a placing and subscription of new shares, as announced on Wednesday last week, followed by a retail offer raising GBP199,000 when it closed on Monday. Says the net proceeds from the additional subscription, together with the net proceeds from the previous fundraises, will be used for capital expenditure, towards engineering, software and business development, and working capital for expansion.
Current stock price: 41.44 pence, down 2.5% in London
12-month change: More than doubled from 19.00p
By Greg Rosenvinge, Alliance News reporter
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Velocity Comp (VEL)