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ITM Power Plc Announces Placing

Tuesday, 6 Aug 2013 02:00am EDT 

ITM Power Plc announced that it has raised GBP2,000,000, before expenses, by way of an issue of 5,714,286 new ordinary shares of GBP0.05 each at a placing price of GBP0.35 per share. The Directors intend to use the net proceeds of the Placing to provide the Group with additional financial resources to underpin its balance sheet and thereby improve the ability of the Group to develop its relationships with existing and future customers. GBP450,012.50 of the Placing is to be invested by Carbon Trust Investments Limited, to fund a research and development project being carried out by ITM in relation to the application of the Group's technology in the field of motive power for vehicles in accordance with the project agreement entered into with The Carbon Trust. 

Company Quote

-4.25 -14.41%
8:08am EST