Windar Photonics PLC on Friday said it intends to raise up to £4.4 million from a placing and subscription of new shares.

The Copenhagen-headquartered technology company, focused on the development of its flagship WindEYE LiDAR wind sensor, said it intends to raise around £4 million from a placing of up to 11.4 million shares at a price of 35 pence per share.

This is alongside a direct subscription of 1.2 million new shares at the placing price, raising up to £420,000.

Shares in Windar Photonics were flat at 34 pence each in London on Friday afternoon.

Non-Executive Chair David Lis has indicated his intention to participate in the placing of up to £500,000 in new shares, while Non-Executive Director Gavin Manson also intends to buy up to £150,000 in new shares.

Windar Photonics said the net proceeds will be used to provide the increased working capital necessary to fulfil recent contract wins and to ‘meet its growth targets by taking advantage of the opportunity afforded through potential future demand for Windar WindEye/WindTimizer systems’.

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