4th Sep 2019 14:46
(Alliance News) - LightwaveRF PLC on Wednesday said that it has signed an agreement with Exertis Supply Chain Services Ltd to supply working capital.
Over the next four months, Ireland-based Extertis will make an initial GBP200,000 purchase in Lightwave's stock holding and will then provide an additional finance facility of GBP450,000, the company said.
Chief Executive Jason Elliot said: "This facility will help the company better manage its working capital as well as improve the terms of, and reduce the costs in, its supply chain."
In August, Lightwave raised GBP1.3 million through a discounted share placing and subscription. The placing price of 7.0 pence per share was an 11% discount to its closing price of 7.88p from the day before.
Shares in Lightwave were 0.7% lower at 6.58 pence each in London on Wednesday afternoon.