Derbyshire-headquartered Light Science Technologies, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, has conditionally raised gross proceeds of £1.5 million through the proposed issue of 150,000,000 new ordinary shares.
The fundraising consists of the placing of 107,750,000 new ordinary shares as well as a private subscription for 42,250,000 new ordinary shares.
Simon Deacon, Chief Executive Officer of the company, has agreed to subscribe for 15,000,000 subscription shares.
The company also intends to offer up to 50,000,000 new ordinary shares via the Winterflood Retail Access platform (WRAP) to raise up to £0.5 million gross proceeds, to provide qualifying retail investors in the UK with an opportunity to participate alongside the fundraising.
The gross proceeds of the fundraising are expected to be £1.5 million, which will be predominantly used for product development and intellectual property protection within the company’s CEA division, as well as for general working capital purposes, including funding costs associated with the fundraising.
