14th Aug 2014 15:52
LONDON (Alliance News) - Image Scan Holdings PLC said Thursday that it has conditionally raised GBP725,000 by placing 34.35 million new shares at a price of 2 pence each, and through a subscription for 1.9 million shares by some directors.
Image Scan said the placing price represents a 15.8% discount on its closing price of 2.375 pence Wednesday.
Shares in Image Scan Holdings were untraded Thursday, and closed at 2.38 pence.
It plans to use proceeds from the placing to accelerate its internal research and development activity, specifically focusing on upgrading and expanding its range of portable x-ray security systems, developing a new range of conveyor x-ray systems and growing its sales team.
"On behalf of the Board of Image Scan I am delighted to announce this successful fundraising which will enable us to pursue actively our growth ambitions as we continue to expand Image Scan and look to further accelerate our speed of development," said Chief Executive and Chairman Bill Mawer in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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