SRT Marine Systems PLC on Friday announced a proposed fundraising of up to £4.0 million through the issue of up to 7.9 million new shares at 50 pence each.

SRT Marine is a Somerset, England-based provider of maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection.

The fundraising will include a placing of a minimum of 6.4 million placing shares to institutional and other investors at the issue price to raise a minimum of approximately £3.2 million, and a maximum of £3.95 million.

SRT Marine also said that it intends to carry out a separate retail offer of up to 1.5 million retail shares via the PrimaryBid platform, in order to raise a further £750,000 before expenses.

The firm said it would use the net proceeds of the fundraising to facilitate accelerated growth through provision of working capital for its systems and transceivers divisions.

SRT Marine shares were trading 11% lower at 51.68 pence each in London on Friday morning.

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