25th Jul 2014 09:19
LONDON (Alliance News) - Cientifica PLC, an AIM-quoted investment company focused on taking stakes in businesses making use of graphene and other advanced materials, said Friday it has conditionally raised GBP100,000 by issuing 6.7 million new shares at 1.5 pence each as it looks to secure investments.
The placing represents a 20% discount to the closing mid price of the shares on Thursday. Cientifica shares were Friday quoted down 0.80% at 1.86 pence.
"We are pleased that this placing has been concluded quickly and that the net proceeds will be available for our first investment, which we hope to be in a position to announce shortly," Chief Executive Tim Harper said in a statement.
Cientifica had previously been in advanced discussions over a short-term loan facility in order to secure the cash to make investments in line with its strategy, but Friday said the share placing replaces that proposal.
By Samuel Agini; [email protected]; @samuelagini
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