27th Sep 2016 09:41
LONDON (Alliance News) - Battery technology developer Ilika PLC on Tuesday said it raised GBP6.3 million to be used to strengthen its balance sheet.
The company said the funds will boost its financial position and provide additional working capital as it progresses the commercialisation process for its Stereax battery technology.
Ilika will issue 12.6 million shares at 50.00 pence per share. Shares in Ilika were down 4.6% at 50.34p on Tuesday.
As part of the placing, Chairman Mike Inglis subscribed for 50,000 shares, while Chief Executive Graeme Purdy subscribed for 20,000. Inglis's holding after the transaction will be 0.2% of the company's issued share capital, while Purdy will have 0.8%.
Non-Executive Directors Keith Jackson and William Wakeham bought 20,000 shares apiece, their first holdings in the company.
By Sam Unsted; [email protected]; @SamUAtAlliance
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