8th Sep 2014 10:36
LONDON (Alliance News) - Image Scan Holdings PLC said Monday that it has raised GBP220,000 through the issue of 11 million shares at 2 pence each to its largest shareholder, Rise Step International Development Ltd.
Following this issue Rise Step will hold a 24.58% interest.
Image Scan raised GBP725,000 in a placing in August, however, Rise Step was previously not in a position to participate in that placing, Image Scan said.
The combined funds give the company further scope in implementing product development and extending the company's geographical sales activity.
Image Scan is currently testing new X-ray detector panels, planning to develop a new range of check point x-ray systems and developing a new sales channel for North and South America.
"As I said at the time of the interim results, we saw some sales growth in our core portable x-ray market in the first half of the year but the growth in the short term future depended on the supply of a newly developed replacement portable x-ray generator," said Chief Executive Bill Mawer in a statement. "I can now report 5 such units are currently undergoing acceptance testing. These should stand us in good stead in the new financial year."
Shares in Image Scan Holdings were untraded Monday; it last traded at 2.10 pence per share.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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