Further to the announcement made at 4:35pm on 21 February 2024 of the proposed equity fundraising, Hardide plc (LON:HDD) has announced that it has conditionally raised gross proceeds of £0.88 million at the Issue Price of 4.5p through (i) the Placing of 16,999,996 Placing Shares to new and existing institutional investors and (ii) the Subscription for 2,555,554 Subscription Shares by certain directors of the Company (and their associates).
The Issue Price represents a discount of 21.7 per cent. to the closing middle market price of 5.75 pence per Ordinary Share on 20 February 2024, being the last business day prior to the Fundraising Announcement. The Placing was undertaken through an accelerated bookbuild process.
The net proceeds of the Fundraising will provide the Company with the resources needed to meet the Group’s working capital requirements and its corporate costs, at anticipated revenue levels, for the remainder of the financial year to 30 September 2024.
