Haydale Graphene Industries PLC on Tuesday said it has raised £5.5 million through an open offer, placing and subscription of 275.5 million shares.

The Ammanford, Wales-based graphene technology company announced a £5.0 million placing and £510,000 open offer back in August. The shares were offered at 2 pence each, a 20% discount to its share price at the time.

Its shares were down 6.1% to 2.04 pence each in London on Tuesday around midday.

In August, the day after the announcement, Haydale said it had raised £5.0 million through a placing and subscription.

On Tuesday, the company said it has received applications of around £740,000 open offer shares.

It has therefore scaled back excess applications and has raised £510,336, via an open offer of 25.5 million shares at the placing price.

In total, £5.5 million has been raised, with 275.5 million shares being admitted to trading on London’s AIM.

The fundraise will be used to fund general working capital needs, Haydale said in August.

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