Surgical Innovations has successfully raised £2.2 million to reinflate working capital, invest in new product development and sustainability support initiatives.
The AIM listed Leeds-based med-tech has placed 112,500,000 new Ordinary Shares and Subscription of 25,000,000 new Ordinary Shares with certain existing and new investors at the Issue Price of 1.6 pence per share.
The Issue Price represents a discount of 11.1% to the closing mid-market price of 1.8 pence per Ordinary Share on 16 September 2020.
Application will be made to the London Stock Exchange for 137,500,000 Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will take place on or around 22 September.
“We are very pleased with the strong support shown for Surgical Innovations, not only from all of our largest six shareholders, but also from a new cornerstone investor,” said Chairman Nigel Rogers.
“This demonstrates the confidence in the strategic direction of the business and its management, and will enable the Company to accelerate exciting growth opportunities, for the benefit of all of our stakeholders, from a secure financial base.”