RE: Advanced Discussions!10 Jan 2023 12:48
Says it all really...
(Alliance News) - nanosynth group PLC on Tuesday said it plans to raise GBP400,000 through a placing of 222.2 million new shares at a price of 0.18 pence each.
nanosynth is a Nottingham-based firm that specialises in the synthesis and application of nanoparticles to create new products and improve on existing ones.
The placing price represents a 36% discount to the share closing price of 0.28p on Monday, being the last business day before the announcement.
The company's shares were down 31% at 0.19 each in London on Tuesday morning.
The placing shares equate to around 8.4% of the company's currently issued share capital.
nanosynth said the funds raised from the placing will be used for "working capital purposes" and to accelerate the company's near-term commercial opportunities.