12th Sep 2014 07:55
LONDON (Alliance News) - Zotefoams PLC Friday said it plans to raise approximately GBP8.8 million in a share placing to fund investment as it increases capacity in the US to support future growth opportunities.
The cellular material technology company, which manufactures and sells cross-linked block foams, said it will placed 3.98 million new shares on the market for 220 pence each.
Zotefoams shares were untraded Friday morning at 237.00 pence per share.
Zotefoams said it will use the placing proceeds to contribute to its US plant expansion at its existing site in Walton, Kentucky in the US, as it tries to increase its international footprint.
In its statement Friday, the company said it remains confident of a "satisfactory outcome" for the current financial year, and continued progress in the future.
Investec Bank and Charles Stanley Securities will be leading the placing.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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