9th Jul 2018 15:54
LONDON (Alliance News) - Gas polarizer devices manufacturer Polarean Imaging PLC said Monday it intends to raise at least GBP780,000 via the conditional placing of shares at 16.00 pence each.
The placing price represents a discount of 8.6% to the closing price of 17.50p on Friday - the last trading day before the announcement.
Shares in Polarean Imaging were untraded Monday, last closed at 17.40p each.
The company said it will use proceeds to further support the FDA Phase III clinical trials in the US and improve its polarisers.
The accelerated bookbuild is a response to "strong demand" from institutional and venture capital trust investors, and is being undertaken by Polarean's broker, Northland Capital Partners Ltd.
The shares are expected to be admitted to AIM on Thursday.
Chief Executive Officer Richard Hullihen said: "We are very pleased by the support we've received from both existing shareholders and new investors. We have completed the initial production run of polarisers for our Phase III FDA clearance-to-market trials and the additional funding will further support these trials in the US."
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