(Alliance News) - NetScientific PLC on Wednesday said it has raised GBP1.5 million amid a "difficult macro-economic climate".
NetScientific is a London-based life sciences and sustainability technology investment firm.
The company said it has raised GBP1.5 million via a placing of 2.2 million shares at a price of 67 pence each.
The placing price represents a discount of around 11% to the closing price of NetScientific's shares of 75p on Monday, being the last business day prior to the announcement of the placing.
Shares in the company were down 9.2% to 66.75 pence each in London on Wednesday morning.
Entities associated with Melvin Lawson, a substantial shareholder in the company, have bought 485,074 placing shares, worth GBP325,000. NetScientific's nominated advisor, WH Ireland Ltd, said that the participation of Melvin Lawson and his associated parties is "fair and reasonable".
The placing shares will represent approximately 9.6% of the company's issued share capital following completion.
Chief Executive Ilian Iliev said: "We are grateful for the support from our shareholders in this difficult macro-economic climate and look forward to deploying these funds to develop the company's growth strategy."
By Sophie Rose; sophierose@alliancenews.com
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Netscientific (NSCI)