(Alliance News) - Verditek PLC on Friday said it has raised GBP500,000 through a subscription of 111.1 million new shares, for general working capital purposes.
Verditek, a London-based solar panel producer, said the shares were priced at 0.45 pence each. The issue price represents a 40% discount to the 0.75p closing price of Verditek's shares on Thursday.
Its shares were down 27% to 0.55p each in London on Friday morning.
Verditek said the proceeds of the raise will be used for general working capital.
It added that the subscription shares represent about 20% company's issued share capital.
Chief Executive Officer Rob Richards said: "In these market conditions where it is tough to raise money, it is a clear sign of confidence in the company's future that a strategic investor chose to invest GBP500,000 and share our vision on where we think this company will be in the future. The directors believe that this raise will provide funding for the medium term."
By Sophie Rose, Alliance News reporter
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