Chamberlin PLC on Friday said it has raise £330,000 through a placing of 11.0 million new shares at a placing price of 3 pence per share, as well as an additional £30,000 from a subscription.

The placing price represents a 7.7% discount to the share’s closing price of 3.25p on Thursday.

Shares in the Walsall, West Midlands-based castings and engineering company were down 4.6% to 3.10p each in London on Friday morning.

Executive Director Trevor Brown has also conditionally subscribed to 1.0 million new shares at the placing price, raising an additional £30,000.

Chamberlin said the proceeds will be used to take advantage of ‘potential new opportunities’ which have recently arisen as a result of a competitor of Russell Ductile Castings Ltd going into administration. It will also be used to support the company’s growth strategy and strengthen its balance sheets.

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