5 Nov 2010 14:45
For Immediate Release | 5 November 2010 |
Corac Group plc
("Corac" or the "Company")
Fundraising under consideration
The Company notes the recent speculation regarding its intention to undertake a placing of new ordinary shares. The Board confirms that it is considering a placing and open offer of around £20m at 15 pence per share, of which it is expected that approximately £15m will be placed firm.
The Board of Corac is considering the placing and open offer to exploit opportunities to develop and commercialise its core technology in existing and new applications. It is envisaged that the placing and open offer under consideration would provide the Company with sufficient capital to implement its business plan.
Investors should be aware that there is no certainty of the placing or open offer taking place and further details will be notified in due course.
Enquires
Corac Group plc 01895 813463
Phil Cartmell, Executive Chairman
Mark Crawford, Commercial & Finance Director
Cenkos Securities plc 020 7397 8924
Elizabeth Bowman / Ivonne Cantu
Buchanan Communications 020 7466 5000
Richard Darby
Ben Romney