(Alliance News) - Equipmake Holdings PLC said it has raised GBP4 million through a placing and subscription, as its retail offer stays open.
Equipmake is a Norfolk, England-based developer of electrification solutions for the automotive, aerospace, marine, construction and bus markets.
It said it has raised the proceeds through a placing of 54.1 million placing shares priced at 6 pence each, as well as a subscription of 13.2 million shares at the sale price.
It also said it plans to raise a further GBP300,000 through a retail offer. The retail offer will close on Wednesday.
The fundraise was announced on earlier on Monday.
Equipmake said that proceeds from the fundraise will provide working capital for ongoing and future projects, to support the company's international expansion plans and to develop its pipeline of opportunities in the US.
Also on Monday, the company secured a GBP2.0 million contract with Golden Tours, a London-based sightseeing company, to repower its tour buses with the company's zero-emission drivetrain package. The contract increases Equipmake's orderbook to GBP13.1 million.
Chief Executive Officer Ian Foley said: "Golden Tours is a leading tour and activity company in London and across the UK...We are delighted to announce our first contract with Golden Tours and we are confident that our integrated zero emission drivetrain system will provide material benefits for the group by extending the lifespan of these vehicles and also increasing the reliability of the buses by a significant margin."
By Sophie Rose, Alliance News senior reporter
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