Surface Transforms Raises GBP1.9 Million In Share Issue (ALLISS)

LONDON (Alliance News) - Surface Transforms PLC on Wednesday said it raised GBP1.9 million via share placing to acquire capital plant and for general working capital.

The carbon fibre ceramics manufacturer placed 12.3 million shares at 15.5 pence each. It said large shareholder Canaccord Genuity Group Inc subscribed for 2.5 million of the new shares.

Surface Transforms shares were trading 1.0% lower at 15.65p on Wednesday afternoon.

"Following recent investor demand we have conducted a placing that provides the company with additional working capital. The strengthened balance sheet de-risks the business, and comes at an exciting time in the company's development," Chair David Bundred said.

"We are pleased that current shareholders continued to support our strategy to become a series production supplier of carbon ceramic brake discs to the large volume original equipment manufacturer automotive market. We look forward to the future with confidence."

Admission of the new shares to trading is expected on Friday, following which Surface Transforms will have 136.0 million shares in issue.