27th Jan 2021 10:20
Applied Graphene Materials PLC - graphene materials maker with headquarters in Redcar, Cleveland - Raises approximately GBP6.0 million gross proceeds from oversubscribed placing, subscription, and primary bid offer at 41 pence per share. In total, 12.9 million placing shares were placed by nomad a, joint broker and bookrunner N+1 Singer and joint broker Allenby Capital, raising around GBP5.3 million gross. Directors and one existing shareholder subscribe for a further 478,049 subscription shares, raising around GBP200,000. Additionally, come investors subscribe for 1.2 million PrimaryBid shares, raising GBP500,000.
This follows Applied Graphene's Tuesday announcement of a placing and subscription to raise GBP5.5 million.
Chief Executive Adrian Potts says: "We are grateful for the support of our existing shareholders and would like to welcome new investors to the company. We believe that we are well positioned to deliver on our broad pipeline of opportunities for the use of graphene nanoplatelet material in a variety of applications. The proceeds of the oversubscribed fundraise will provide us with the financial resources necessary to capitalise on the exciting opportunities in our markets and accelerate the growth of the business."
Current stock price: 48.48p; down 28% on Wednesday
Year-to-date change: up 18%
By Anna Farley; [email protected]
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