2nd Jun 2023 14:35
Zenova Group PLC - Essex-based fire safety and thermal insulation products provider - Says it has raised GBP500,000 in gross proceeds through placing 12.5 million shares at 4 pence per share. Upon receipt of the proceeds the company will have around GBP700,000 in cash resources. It also has access to a GBP350,000 working capital loan under which no funds have yet been drawn down. Zenova intends to use the proceeds as general working capital as it continues progressing its growth strategy. It has applied for the shares to trade on AIM, and admission is expected on or around Tuesday next week.
Chief Executive Tony Crawley says: "We are pleased to have secured additional funding to provide working capital as we continue our focus on sales growth over the next twelve months and beyond."
Current stock price: 4.50 pence
12-month change: down 71%
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.