18th Mar 2016 07:54
LONDON (Alliance News) - Ceramic materials manufacturer Surface Transforms PLC on Friday said it has raised a total of GBP5.0 million through a placing and subscription, along with the conversion of a loan into shares.
The company has raised GBP4.5 million through the placing of 28.1 million shares at 16.00 pence per share, run by Cantor Fitzgerald Europe and FinnCap Ltd. Shares in the company closed at 17.25p on Thursday.
In addition, the company will issue another 3.1 million shares at the same price under a subscription to allow shareholders the opportunity to participate in the fundraising, raising another GBP500,000.
Finally, Group-14 Ltd, a company beneficially owned by Surface Transforms Non-Executive Director Richard Gledhill, has agreed to convert an outstanding loan to the company of GBP400,000 into shares at the same price, resulting in another 2.5 million shares being issued.
The funds will be used by the company to pursue its strategy of focusing on the brake disc market, boosting its manufacturing and supply capacity to allow it to fulfil commercial order from automotive manufacturers.
By Sam Unsted; [email protected]; @SamUAtAlliance
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