(Alliance News) - Windar Photonics PLC on Friday said it has raised GBP4.4 million from a placing and subscription of new shares.
The Copenhagen-headquartered technology company, focused on the development of its flagship WindEYE LiDAR wind sensor, said the placing and subscription was oversubscribed.
Windar raised around GBP4.0 million from a placing of up to 11.4 million shares at a price of 35 pence per share.
This was alongside a direct subscription of 1.2 million new shares at the placing price, raising up to GBP420,000.
Shares in Windar Photonics closed up 8.4% at 36.84p each in London on Friday afternoon.
Non-Executive Chair David Lis agreed to subscribe to 1.4 million new shares, taking his shareholding to 1.8 million shares or 2.2% of the company's enlarged share capital, while Non-Executive Director Gavin Manson agreed to subscribe to 428,571 shares, having no shares previously, representing 0.5% of the enlarged share capital.
Windar Photonics said the net proceeds will be used to provide the increased working capital necessary to fulfil recent contract wins and to "meet its growth targets by taking advantage of the opportunity afforded through potential future demand for Windar WindEye/WindTimizer systems".
By Greg Rosenvinge, Alliance News senior reporter
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Windar Photo (WPHO)