Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, has announced that further to the Company’s announcement released at 5.30pm on 1 May 2024, the Bookbuild has closed and the Company has conditionally raised gross proceeds of £6.5 million, through the successful placing of 58,727,744 Firm Placing Shares, 569,422,256 Conditional Placing Shares and 21,850,000 Subscription Shares at the Issue Price of 1 pence per Ordinary Share.
The Firm Placing Shares, Conditional Placing Shares and Subscription Shares represent approximately 185 per cent. of the Company’s Existing Ordinary Shares. The Issue Price represents a discount of approximately 66 per cent. to the closing mid-market price per Ordinary Share of 2.9 pence on 30 April 2024, being the last Business Day prior to the Launch Announcement.
In addition to the Placing and Subscription, the Company intends to provide all Qualifying Shareholders with the opportunity to subscribe for an aggregate of up to 200,000,000 Open Offer Shares at the Issue Price, to raise up to approximately £2.0 million (before expenses), on the basis of 1 Open Offer Share for every 1.760363190 Existing Ordinary Shares held on the Record Date. The Board has discretion to increase the size of the Open Offer up to an aggregate of 300,000,000 Open Offer Shares. Qualifying Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through an excess application facility (the “Excess Application Facility”).
