RE: Placement size13 Nov 2023 17:10
Proposed Placing and Subscription to raise approximately £8.0 million (before expenses) via an accelerated bookbuild, and Open Offer to raise up to a further £2.0 million (before expenses)
Surface Transforms (AIM:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, is pleased to announce that it proposes to raise approximately £2.0 million (before expenses) by means of a Firm Placing and Subscription, and a further £6.0 million (before expenses) by means of a Conditional Placing (together, the "Placing and Subscription"), with a total 80,000,000 New Ordinary Shares at 10 pence per New Ordinary Share. In addition to the Placing and Subscription, the Company proposes to raise up to a further £2.0 million (before expenses), subject to the Board's discretion to increase the size of the Open Offer, by way of an Open Offer (together with the Placing and Subscription, the "Fundraise").