(Alliance News) - Plant Health Care PLC on Wednesday said it has conditionally raised GBP2.4 million before expenses through the issue of shares to Ospraie Ag Science LLC.
The biological products provider said it issued 34.6 million shares at a price of 6.8 pence each. The subscription price represents a premium of 8.3% to the closing mid-market price of the company's shares on Monday.
Plant Health care shares were trading 25% higher in London on Wednesday afternoon at 7.84p each.
Completion of the subscription is conditional upon, amongst other things, admission of the shares to trading on the AIM market of the London Stock Exchange, the company noted.
Following the admission, Plant Health Care will have 207.4 million shares overall.
Ospraie is the venture capital arm of Ospraie Management LLC, a New-York-based investment management firm which specialises in investing in commodities, agriculture and other basic industries.
The subscription will strengthen Pure Health Care's balance sheet, it said, and enable it to accelerate sales growth and commercialisation of the first products from its plant response elicitor technology, as well as providing additional working capital.
"We are delighted to have Ospraie join our investor community, making funds available to accelerate our plans to generate further growth and shareholder value," said Plant Health Care Chief Executive Chris Richards.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Plant Health (PHC)