28th Feb 2020 17:35
(Alliance News) - Eden Research PLC said Friday it has conditionally raised GBP10.1 million through placing and subscription of new shares at 6 pence each to certain institutional and other investors.
Eden Research shares closed 19% lower in London at 6.40 pence each on Friday.
The company said the proceeds will be used to "advance the development, registration and commercialisation of new key product categories, including new insecticide formulations and seed treatments."
The biopesticide products supplier placed 151.6 million new shares at a price of 6 pence with new and existing investors to raise GBP9.1 million.
Also, the company placed 16.6 million shares to its existing investor Sipcam Oxon Spa at 6 pence to raise in aggregate GBP1.0 million.
In order to enable other shareholders, not able to participate in the placing, an opportunity to subscribe for additional shares, Eden Research is proposing to raise up to an additional GBP500,000 by an open offer of up to 8 million shares at the same price of 6 pence.
Sean Smith, chief executive officer, said: "Eden has been making good progress with the commercialisation of our products and technologies.
"As momentum continues to build, we remain focussed upon providing sustainable solutions for global agriculture. Furthermore, we are eager to accelerate the commercialisation of new products for new categories including insecticides and seed treatments," Smith said.
By Loreta Juodagalvyte; [email protected]
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