28th Feb 2019 17:22
LONDON (Alliance News) - MyCelx Technologies Corp on Thursday said it has closed the placing, raising USD1.8 million to advance its expansion in Saudi Arabia.
The clean water technology firm said it issued a total of 603,633 shares at a price of 230 pence each. Of these, 577,246 shares were issued via placing and 26,387 via subscription.
The placing price represented a 6.1% discount to the company's closing price on Wednesday. MyCelx shares closed 2.0% lower on Thursday at 240.00p each.
"I am pleased to announce the successful closing of this capital raise that will fund the purchase of additional revenue-generating assets for MyCelx," said Chief Executive Connie Mixon.
"The purchase of these assets will enable us to accelerate and exploit the opportunities we see before us, as we continue to convert our pipeline into purchase orders and build on the strong momentum we have achieved to date globally," added Mixon.
The new shares issued represent 3.1% of the company's existing share capital. MyCelx expects them to start trading on AIM on March 13.
MyCelx said several directors have participated in the fundraising, with Chief Executive Officer Connie Mixon subscribing for 16,492 shares at 230p each, worth GBP37,932.
In addition, Non-Executive Chair Tim Eggar and Non-Executive Director Andre Schnabl bought 1,649 and 8,246 shares, respectively, at an issue price. The aggregate value of their transaction totalled GBP22,759.
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