Business
£2.2 million Fundraise
£2.2 million Fundraise.
About this update from Windar Photonics Plc
[{"type":"text","content":"\n \nRNS Number : 3746U Windar Photonics PLC 12 July 2018 \n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. \n \n \n12 July 2018\n Windar Photonics plc \n(\"Windar\" or the \"Company\")\n \n \n£2.2 million Equity Subscription\n \nWindar Photonics plc (AIM:WPHO), the technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines, is pleased to announce that it has raised £2,227,500 (before expenses) by way of a subscription for 2,700,000 ordinary shares of 1 pence each in the Company (\"Subscription Shares\") (the \"Subscription\") at 82.5 pence per share (the \"Issue Price\"). \nThe net proceeds of the Subscription will be used to strengthen the Company's balance sheet especially given anticipated increasing working capital requirements following the recently announced new global distribution agreement and increased revenues of the Company.\nThe Issue Price represents the mid-market closing price of 82.5 pence on 11 July 2018. The Subscription is not being underwritten and is conditional only on admission of the Subscription Shares to trading on AIM. The Subscription Shares represent approximately 6.1 per cent. of the Company's issued share capital as enlarged by the Subscription Shares.\nApplication will be made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM and it is expected that such Admission will occur at 8.00 a.m. on Monday 23 July 2018. The Subscription Shares will be issued and credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 1 pence each of the Company (\"Ordinary Shares\"). \nFollowing Admission, the Company will therefore have 44,508,369 Ordinary Shares in issue, none of which will be held in treasury. This number may be used by shareholders in Windar as the denominator for the calculations by which they will determine if they are required to notify their interest in...