(Alliance News) - Surface Transforms PLC on Wednesday said it plans to raise GBP8.5 million.
It said it plans to raise GBP800,000 through a firm placing and subscription, and a further GBP5.7 million through a conditional placing.
Under this, the company will issue 650.0 million shares priced at 1 pence each.
The issue price represents a discount of about 65% to the closing price of Surface Transforms shares on Wednesday. On Wednesday, the stock closed down 1.7% to 2.85p.
In addition, Surface Transforms plans to raise a further GBP2.0 million through an open offer.
"The net proceeds from the placing and subscription will be used for immediate working capital requirements, both in terms of existing operations, but also the Phase 2 and manufacturing scale-up. Any excess raised pursuant to the open offer will provide additional working capital headroom," the company said.
By Sophie Rose, Alliance News senior reporter
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Surface Transforms (SCE)