Knowsley-based specialist brakes manufacturer, Surface Transforms, has raised gross proceeds of £8.3m from a share placing.
The company also intends to raise approximately £2m, before expenses, through an open offer for qualifying shareholders.
The placing will fund working capital requirements as the specialist manufacturer gears up for a phased increase in production levels.
Surface Transforms issued 18,650,000 firm placing shares, 62,918,660 conditional placing shares and 1,350,000 subscription shares at an issue price of 10p per ordinary share, providing a discount of approximately 13% to the closing mid-market price of 11.5p on November 10, 2023. The placing also represents approximately 34.3% of the company’s existing ordinary shares.
Surface Transforms plc (LON:SCE) is a manufacturer of next-generation carbon-ceramic brake discs for automotive and aircraft applications and has been certified to IS9001-2000 since 2008 and was certified to TS16949 automotive quality accreditation and AS9100C aerospace quality accreditation in 2015.