Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, has announced that it proposes to raise approximately £0.8 million (before expenses) by means of a Firm Placing and Subscription, and a further £5.7 million (before expenses) by means of a Conditional Placing, with a total 650,000,000 New Ordinary Shares at 1 pence per New Ordinary Share. In addition to the Placing and Subscription, the Company proposes to raise up to a further £2.0 million (before expenses), subject to the Board’s discretion to increase the size of the Open Offer, by way of an Open Offer.
The net proceeds from the Placing and Subscription will be used for immediate working capital requirements, both in terms of existing operations, but also the Phase 2 and manufacturing scale-up. Any excess raised pursuant to the Open Offer will provide additional working capital headroom.
