Windar Photonics raises £2.2m ahead of increased capital requirements
Generating turbine LiDAR wind sensor technology company Windar Photonics has raised £2.23m before expenses, it announced on Thursday, by way of a subscription for 2.7 million ordinary shares at 82.5p.
The AIM-traded firm said the net proceeds of the subscription would be used to strengthen its balance sheet, especially given anticipated increasing working capital requirements following the recently-announced new global distribution agreement and its subsequent increased revenues.
It said the issue price represented the mid-market closing price of 82.5p on 11 July.
The subscription was not being underwritten, and was conditional only on admission of the subscription shares to trading on AIM.
Windar said the subscription shares represented around 6.1% of its issued share capital, as enlarged by the subscription shares.
“Following the recently-announced new distribution agreement servicing the retrofit markets and our general positive growth outlook for the coming periods, I am pleased to announce this subscription which provides Windar with a strong balance sheet and net cash position to finance our expected working capital requirements,” said Windar chief executive officer Jørgen Korsgaard Jensen.
“I am very pleased by the continued interest for investing in Windar Photonics, and I would like to thank both new and existing shareholders participating in this subscription.”