2 May 2024 - fund raising
The company has announced that it has raised £6.5m in a placing of shares with institutions and is looking to raise an additional £2.0m through an open offer to existing shareholders. The price of the new shares is 1p each. The fundraising is obviously highly dilutive but the funds raised together with a local authority loan of £13m should be enough to fund the group and its significant expansion plans over the next couple of years. Clearly the share price has fallen significantly due to the size of the placing but with the . . .
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