28th Sep 2009 07:00
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FOR IMMEDIATE RELEASE |
28 September 2009 |
CORAC GROUP plc
("Corac" or the "Company")
Issue of Equity
The Company is pleased to announce that it has placed 14,131,820 Ordinary Shares with M&G Recovery Fund ('M&G') at a price of 35 pence per share ("the Placing Shares") to raise approximately £4.7 million (net of expenses). These additional funds will strengthen the balance sheet and enable the business to grow and realise its potential more quickly while mitigating the risks of commercialising its technology.
Application has been made to admit the Placing Shares to trading on AIM and Admission is expected to occur on 1 October 2009. The enlarged issued share capital of the Company immediately following admission will comprise 108,343,977 Ordinary Shares with voting rights.
For further information:
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Corac Group plc |
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Professor Gerry Musgrave, Executive Chairman |
+44 (0)1895 813463 |
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FinnCap |
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Geoff Nash/Marc Young |
+44 (0)20 7600 1658 |
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Buchanan Communications |
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Richard Darby/Ben Romney |
+44 (0)20 7466 5000 |
NOTES TO EDITORS
Corac is an engineering and technology company developing and patenting innovative solutions utilising its compact, high power compressors based on its unique expertise and technology including oil free air bearings, high speed motors and power electronics.
Corac's pre-production, energy efficient compressors are supercharging existing industrial air compressors used in the food and beverage industry. Corac is also part of a joint industry programme with major gas operators to deploy Corac's technology in waning natural gas wells to increase the amount and rate of gas extraction.
Further information on Corac is available on the internet at www.corac.co.uk
Related Shares:
TPG.L