Source: Surface Transforms announcement
LIVERPOOL, U.K. –Surface Transforms (AIM:SCE), manufacturers of carbon fiber reinforced ceramic automotive brake discs is pleased to announce that it has raised gross proceeds of £2.0 million, pursuant to the Open Offer, as set out in the Circular dated 29 September 2022.
Applications were received for 4,963,739 Open Offer Shares, representing a take-up of 66.2 per cent of the 7,500,000 available Open Offer Shares.
Surface Transforms Raises Funds for Expansion
All Qualifying Shareholders who have validly applied for Open Offer Shares will receive their Basic Entitlement and any application made under Excess Application Facility in full.
Application has been made for 4,963,739 Open Offer Shares to be admitted to trading on AIM (“Admission”), conditional on the Resolutions being passed. It is expected that Admission and dealings in the Open Offer Shares will commence at 8.00 a.m. on 20 October 2022.
David Bundred, Non-Executive Chairman, commented: “We want to take this opportunity to thank our smaller shareholders for their support of this Open Offer, bringing total funds raised, including the Placing, to £18m. This Fundraising enables us to complete factory one and commit to the second factory. We continue to expect that this confidence in our future growth will be reflected by a significant contract award before the year end.”
The capitalized terms used in this announcement have the same meanings as defined in the Circular issued by the Company on 29 September 2022, unless otherwise stated.
The person responsible for arranging the release of this announcement on behalf of the Company is Michael Cunningham, Chief Financial Officer.