7th May 2020 16:21
(Alliance News) - AIM-listed Verditek PLC on Thursday said it has raised GBP1.0 million before expenses through a share subscription to pursue its commercialisation strategy.
The clean technology company said it issued 40.0 million shares at a price of 2.5 pence each. The issue price represents a 22% discount to the closing Verditek share price on Wednesday.
On Thursday, the shares were down 7.6% at 2.98p each in late trade in London, giving it a market capitalisation of GBP7.4 million.
Following the admission, Verditek will have 289.4 million shares overall.
"We are delighted with this fresh injection of capital into the company and the strong demonstration of support from our investors," said Chief Executive Rob Richards.
"This will allow us to aggressively pursue our commercialization strategy and the acceleration of the production at our state-of-the-art facility in Italy. In turn, this will allow us to transition the company from the research & development phase, rapidly into a commercially successful operating business," added Richards.
By Evelina Grecenko; [email protected]
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