14th Nov 2025 18:25
(Alliance News) - RC Fornax PLC on Friday said it plans to conduct an equity fundraising for GBP2.8 million split across a placing and retail offer.
The provider of engineering solutions to the UK defence industry said it aims to raise minimum gross proceeds of GBP2.3 million from a placing and a maximum of GBP500,000 from the retail offer.
The issue price for the fundraising is 6 pence per new share.
Shares in RC Fornax closed down 1.3% at 9.63p in London on Friday.
The issue price represents a discount of 39% to the closing mid-market price on Friday.
The company said the placing will be with new and existing institutional investors and management.
Paul Reeves, Daniel Clark, Rob Shepherd, Nigel Harper and Mark Fahy, co-founders and management of the company, intend to participate in the placing to raise GBP156,800 in aggregate, RC Fornax said.
The firm said the net proceeds will be used to develop the Procure X Marketplace, a self-serve marketplace which aims to connect verified small and medium-sized enterprises with defence buyers, and Smart Suite.
RC Fornax said the funds will also provide working capital support for "upcoming potential contract wins".
By Michael Hennessey, Alliance News reporter
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