HaloSource Inc has announced a proposed fundraising of £2.8m, gross, through a placing of 225,034,812 new common shares to new and existing investors at 1.25p apiece, a discount of 9% to yesterday's mid-market closing price.
The fundraising is subject to shareholder approval on 27 Dec.
It said the net proceeds would be used to provide additional working capital and to fund the commercialisation of the company's lead reduction technology and continue the growth of its drinking water business given the progress made in both the business to business and business to consumer channels and for the directors to pursue the potential re-domicile of the company.
(LON:HAL) HaloSource share price was 0p at 3p
(LON:HALO) HaloSource DI share price was 0p at 1.38p