Business
Proposed Placing
Proposed Placing.
About this update from Nanoco Group Plc
[{"type":"text","content":"\n RNS Number : 2118A Nanoco Group PLC 27 January 2011 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER STATE OR JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO\n \n\n\n\n\nFor immediate release \n\n\n27 January 2011\n\n\n\n\n \n \nNANOCO GROUP PLC\n(\"Nanoco\" or \"the Company\")\n \nProposed Placing of up to 16.7 million new Ordinary Shares \n \n \nNanoco Group plc (AIM: NANO) announces today its intention to raise gross proceeds of up to £15 million through the issue of up to 16.7 million new ordinary shares (the \"Placing\") of 10 pence each (the \"Placing Shares\"), representing approximately 8.85 per cent of the existing Ordinary Shares of the Company.\n \nThe net proceeds of the Placing will be used to accelerate Nanoco's manufacturing programme, to invest further in product development and to build its technical sales and marketing team.\n \nMichael Edelman, CEO of Nanoco, said: \"With the successful commissioning of the two Semi-Tech production lines at our Runcorn facility, announced separately today, we have proven that we are able to manufacture our unique cadmium-free quantum dots (CFQDTM) on a commercial scale. We are very excited about the future. Our planned investment in the next phase of our growth will significantly accelerate the delivery of quantum dots to our customers as well as extending our ability to develop tailored products for new and existing customers and markets. Our culture of carefully controlling cash remains.\"\n \nBackground\nNanoco was founded in 2001 to progress and commercialise quantum dot technology developed at the University of Manchester and Imperial College, London. Nanoco has previously raised approximately £10 million and was admitted to AIM on 1 May 2009, following a reverse acquisition. As at 31 December 2010, Nanoco had an unaudited net cash position of £4.0 million.\n \nManufacturing development\nIn January 2010, Nanoco hired a manufacturing director with extensive experience in the speciality chemicals industry to continue the development of Nanoco's production scale-up programme. Nanoco announced separately today the successful commissioning of two Semi-Tech prod...