HeiQ PLC - London-based materials innovation and hygiene technology company - Raises £685,000 through placing of 7.9 million shares at 8.7 pence each, via an accelerated bookbuild.

HeiQ announced plans yesterday to raise £2.4 million via the placing, a retail offer and a convertible loan note offer. It hopes to use the proceeds, plus existing cash resources, to fund the £5 million acquisition of a new manufacturing plant in Portugal. Says it will announce the result of the retail offer on February 23.

Current stock price: 9.13 pence, down 2.1% on Friday

12-month change: down 73%

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