(Alliance News) - nanosynth group PLC on Tuesday said it plans to raise GBP400,000 through a placing of 222.2 million new shares at a price of 0.18 pence each.
nanosynth is a Nottingham-based firm that specialises in the synthesis and application of nanoparticles to create new products and improve on existing ones.
The placing price represents a 36% discount to the share closing price of 0.28p on Monday, being the last business day before the announcement.
The company's shares were down 31% at 0.19 each in London on Tuesday morning.
The placing shares equate to around 8.4% of the company's currently issued share capital.
nanosynth said the funds raised from the placing will be used for "working capital purposes" and to accelerate the company's near-term commercial opportunities.
Chief Executive Mark Duffin said: "I am pleased that we are able to raise money to further our commercial objectives. We are receiving considerable interest from major household brands for our nanoparticle technology and these funds will enable the Company to advance the progress of these discussions."
By Sophie Rose, Alliance News reporter
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