Subscription and Placing of 32,796,594 new Ordinary Shares to raise approximately 2.5 million pounds
14th Nov 2011Placing and Use of Proceeds
Byotrol, the developer of anti microbial hygiene technologies, today announces that it has conditionally raised £2.46 million before expenses, by the placing (the "Placing") for cash by finnCap, acting as agent for the Company, of 31,709,927 new ordinary shares of 0.25 pence each ("Ordinary Shares") (the "Placing Shares") at 7.5 pence per Placing Share (the "Issue Price") and the subscription (the "Subscription") of 1,086,667 new Ordinary Shares (the "Subscription Shares") at the Issue Price.
In the past 18 months the Company has delivered growth in the industrials sector; made a compelling case for its brand focus in food and beverages; made a strategic change in healthcare; and developed its strategy in global consumer products in partnership with a US Fortune 150 company.
Furthermore the Company has increased brand awareness across all focus areas and now has a proven supply line and in-store adoption in major high street chains and specialist suppliers. The agreement with Rentokil Initial plc, announced on 20 July 2011, in particular reflects the momentum which is currently being generated and represents a major opportunity for Byotrol.
Accordingly, the net proceeds of the Subscription and Placing will be used to maintain the momentum generated by the Company to deliver existing contracts and thereby achieve sustainable profitability and cash generation. The Company also intends to invest further in its brand building capabilities and to continue the product and technology development which has attracted major international companies to incorporate Byotrol products into their ranges.
See the Regulatory News document for more details