22nd Sep 2015 15:41
LONDON (Alliance News) - DDD Group PLC Tuesday said it has agreed to issue 24.2 million new shares in the company at 2.0 pence per share to raise net proceeds totalling GBP458,350.
DDD shares closed down 0.4% to 2.74 pence per share on Tuesday.
The manufacturer for the health and beauty sector said it has received equity placing commitments for 21.4 million of those shares from institutional investors and accredited investors arranged by Beaufort Securities Ltd, which will raise GBP428,000 of the total net proceeds.
The remaining balance will come from 2.3 million shares being issued to existing holders arranged by the company, it said.
The GBP458,350 raised will be used to finance business development and licensing activities, including hiring an extra three people to take the total headcount up to 20, which is "in line with commercial license and development agreements" that the company has in place, it said.
By Joshua Warner; [email protected]; @JoshAlliance
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