Stock sold at 10p; proceeds slated to increase production efficiencies
By Devika Patel
Knoxville, Tenn., June 29 - Transense Technologies plc said it has conditionally raised £1.76 million in a private placement of stock. Hybridan LLP is the broker.
The company sold 17.56 million ordinary shares at 10p per share. The share price reflects a 13.04% discount to the June 28 closing share price of 11.5p.
Proceeds will be used to increase production efficiencies, attract high quality engineers, lease more suitable premises and further reduce operating costs and for working capital.
The Bicester, England, technology transfer company develops surface acoustic wave, wireless, battery-less, sensor systems for the automotive industry.
| Issuer: | Transense Technologies plc
|
| Issue: | Ordinary stock
|
| Amount: | £1,756,000
|
| Shares: | 17.56 million
|
| Price: | 10p
|
| Warrants: | No
|
| Broker: | Hybridan LLP
|
| Announcement date: | June 29
|
| Stock symbol: | London: TRT
|
| Stock price: | 11.5p at close June 28
|
| Market capitalization: | £20.32 million
|
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