(Alliance News) - Itaconix PLC on Friday said it has conditionally raised about GBP10.3 million through the issue of up to 201.6 million new shares.
The New Hampshire, US-based speciality polymer developer said there would be a placing of 200.6 million new shares, and a subscription of 954,772 new shares at an issue price of 5.1 pence per new share.
Itaconix shares were down 1.9% trading at 5.25p per share on Friday afternoon in London.
The company added that it is proposing to raise an additional GBP0.4 million by issuing 7.8 million new shares in an open offer to qualifying shareholders, at the same issue price of 5.1p per share.
Itaconix said the funds raised will be used to support continued revenue growth and process improvements, and to accelerate its development of new products and applications.
Strengthened by the fundraising, the company said it is confident in its financial outlook for 2023. Itaconix noted that it expects to report revenue ahead of expectations at USD5.6 million, more than double the USD2.6 million achieved the year prior.
Chief Executive Officer John Shaw said: "We have firmly established the value of the Itaconix technology platform and are positioned to lead a new generation of sustainable consumer products in the global low-carbon economy with competitive performance and costs for years to come.
"We are now expanding our resources for the next chapter of growth and I would like to welcome our new shareholders who clearly appreciate our achievements to date and importantly share our vision for the future."
By Harvey Dorset, Alliance News reporter
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Itaconix Plc (ITX)