4th Nov 2014 10:28
LONDON (Alliance News) - PureCircle Ltd on Tuesday said it will increase its private placement size by GBP2.5 million on the back of strong investor demand, in order to back the expansion of its operations.
The stevia producer and marketer said it would raise a further GBP2.5 million by issuing another 454,545 shares at GBP5.50 per share.
Following completion of the deal, in addition to the original placing, the company will have raised a total of GBP27.5 million though the issue of 5 million shares.
The company said the proceeds will back the expansion of its supply chain capacity in China and Malaysia, the expansion of its plantations in Kenya and Paraguay, the development of new sweetener technology and an increase to its finished goods inventory.
PureCircle shares were up 0.4% to 585 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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