21st May 2018 12:27
LONDON (Alliance News) - AorTech International PLC said on Monday it will raise a total of GBP2.6 million through a placing, subscription and open offer of shares.
Shares in the medical device company were down 16% at 37.15 pence on Monday.
AorTech intends to raise GBP2.1 million through a placing of 5.7 million shares and a subscription of 1.3 million shares at a price of 30 pence per share, a 32% discount to the closing price of 44 pence last Friday. Stockdale Securities will act as placing agent to the company.
In addition, an open offer will raise around GBP500,000 by issuing a maximum of 1.7 million shares at the same price as the placing, opening to shareholders on the basis on three open-offer shares for every ten shares already held.
Proceeds will go towards funding the development of textile substrate products, including patches and grafts, along with development on a synthetic heart valve and investment in capital equipment.
"I am pleased to announce a successful fundraising and wish to thank the investors, new and existing, for their support. We now look forward to working with our new colleagues and partners to execute our exciting business plan," said Chairman Bill Brown.
Related Shares:
AOR.L