14th Aug 2015 06:42
LONDON (Alliance News) - Coral Products PLC Friday said it has raised GBP900,000 through the placing of 6 million shares at a price of 15 pence each.
Coral, which makes injection moulded plastic products, said it will use some of the proceeds to expedite the integration of the machinery it recently purchased from Neiman Packaging Ltd into its Haydock facility and to develop the production of packaging products for new customers, principally in the health, hygiene and personal care markets.
The remainder of the proceeds will be used for a capital expenditure programme aimed at reducing costs and for general working capital purposes, Coral said.
"We are delighted to have received further institutional support as we expand both our manufacturing capabilities and customer base. We are confident of making good progress in our current financial year," Chairman Joe Grimmond said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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