Derbyshire-headquartered Light Science Technologies Holdings has confirmed it has raised aggregate gross proceeds of £1,588,555 through the issue and proposed issue of 158,855,500 new ordinary shares at a price of 1 penny per share.
£1,077,500 was raised by the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group through the issue of 107,750,000 placing shares, £355,000 was raised through the issue of 35,500,000 subscription shares, and £156,055 was raised through the issue of 15,605,500 WRAP retail offer shares.
An application has been made for the conditional placing shares, subscription shares and WRAP retail offer shares to be admitted to trading on AIM, which is expected to take effect on or around 24 April.
The funds 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.
