16th Aug 2019 09:43
(Alliance News) - LightwaveRF PLC said Friday it intends to raise up to GBP1.3 million through a placing and subscription, the proceeds of which will go towards accelerating business growth.
The company is to issue 15.8 million shares through a firm placing and subscription and conditionally issue further 2.8 million shares at 7.0 pence per share. The issue price reflects an 11% discount to LightwaveRF's closing price on Thursday at 7.88p.
Shares in the smart home products and services provider were down 8.6% at 7.20p on Friday.
The placing will be conducted through an accelerated bookbuild, which has started immediately, and is expected to close no later than 1730 BST on Friday.
Shore Capital will conduct the bookbuild as nominated adviser and broker.
Proceeds will go towards allowing LightwaveRF to scale up its business for global expansion, expand its sales & marketing capabilities, and provide additional working capital for meeting operational requirements.