Business
Placing to raise £3.0 million
Placing to raise £3.0 million.
About this update from Tekcapital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1286R\n Tekcapital plc\n 03 November 2021\n \n \n \n \n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as imported into the laws of England and Wales by virtue of the European Union (Withdrawal) Act 2018 (as amended) and certain other enacting measures (\"UK MAR\"). With the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n \n \n \n 03 November 2021 \n \n \n Tekcapital plc\n \n \n \n \n \n (\"Tekcapital\" or the \"Company\")\n \n \n \n \n \n Placing to raise £3.0 million (c.US$4.1m)\n \n \n \n \n \n Tekcapital plc, (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property investment group focused on creating valuable products from investing in university technologies that can improve the quality of life, announces that it has raised a total of £\n 3.0 million\n (c.US$4.1m) before expenses, in an oversubscribed placing from existing and new shareholders, by way of the issue of, in aggregate, \n 10,714,286 \n new ordinary shares of 0.4 pence each in the Company (the \"Ordinary Shares\"), at \n 28\n pence per share (the \"Placing Shares\") (together, the \"Placing\"). \n \n \n The net proceeds of the Placing will primarily be used to accelerate the growth of the Company's portfolio companies. The Placing was undertaken by the Company's broker SP Angel Corporate Finance LLP.\n \n \n Key Highlights:\n \n \n - \n £\n 3.0m\n (US$4.1\n m\n ) before expenses was raised by means of a fundraise through the issue of, in aggregate \n 10,714,286 \n Placing Shares at \n 28\n pence per Placing Share.\n \n \n \n \n \n Funds raised will be used as follows:\n \n \n - \n £1.5m will be used to build inventory and progress product development for Lucyd, £0.5m will be used to expand inventory for Salarius and £0.5m will be used to provide CAPEX for Guident's remote monitoring and control centre.\n \n \n - \n The remainder of the funds raised will primarily be for additional working capital. \n \n \n Admission and Total Voting Rights\n \n \n Application has been made for the \n 10,714,286 \n Placi...