(Alliance News) - Modern Water PLC said Tuesday it has raised GBP141,696 through a placing, which will go towards building up the company's sales pipeline for its membrane process systems and working capital purposes.
The wastewater technology firm issued 11.3 million shares at a price of 1.25 pence per share, reflecting a discount of 38% against its closing price on Monday at 2.00p.
Shares in Modern Water were 17% lower at 1.65 pence on Tuesday.
The shares placed represents the maximum allotment available for the company's existing shareholder authority for issue new share for cash. As of Tuesday, Modern Water no longer has any shareholder issuance authority.
Turner Pope Investments Ltd acted as broker for the placing.
"We are delighted to receive additional support from investors introduced by Turner Pope Investments," said Chief Executive Officer Simon Humphrey.
Modern Water now has 124.7 million shares issued overall.
