15th Sep 2023 13:01
(Alliance News) - Primorus Investments PLC on Friday said it has invested a further GBP75,000 into Interpac Ltd via a subscription of shares.
The London-based investor specialising in small and mid-cap companies and assets invested GBP250,000 into Interpac in September 2022, which it said would go towards completing the manufacture of Interpac's first two production units.
Primorus has subscribed for 9,375 shares at a price of GBP8 per share from its existing cash resources.
Interpac was founded to "create a new corrugation process for the manufacture of cardboard which is more cost-efficient and environmentally friendly than current manufacturing processes", Primorus noted.
Following this investment, Primorus now holds 52,110 shares in Interpac, representing 4.3% of Interpac shares or a 3.7% share option diluted shareholding.
"In the last year, Interpac has made significant progress in the technical and manufacturing process, as well as developing its sales pipeline. The first unit is due to be installed in October 2023," Primorus said.
"These new funds will be used to accelerate the completion of the second unit and purchase long lead time components for further units. Primorus looks forward to Interpac successfully deploying the capital raised to support the production targets it has set for its business."
Shares in Primorus were down 1.8% to 2.80 pence each in London on Friday afternoon.
By Greg Rosenvinge, Alliance News reporter
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