Plant Health Care PLC on Friday said it has raised £2.8 million through a placing and subscription of shares.
The- Manchester-based provider of novel patent-protected biological products to global agricultural markets will issue 18.4 million placing shares and 12.7 million subscription shares, at 9 pence each.
The price represents a 4.3% discount to the firm’s closing price on Wednesday, the day prior to it first announcing its intention to raise funds.
Plant Health shares were up 2.9% to 9.60p each in London on Friday morning.
On Wednesday, the company said the proceeds will be used to ‘capitalise on the company’s strong growth momentum’ by delivering the ‘required working capital to accelerate commercial opportunities through strategic investment in both inventory and product launches’.
Chief Executive Officer Jeff Tweedy said: ‘The company has made significant strategic and commercial progress over recent years. This additional funding will permit the company to accelerate product launches in significant markets over the coming months. We are on track to achieve our target of $30 million revenue in 2025, aiming to be cash positive and profitable by the end of 2024.’
In total the shares will represent about 9.1% of the enlarged issued share capital.
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