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19 Feb 2021 | 13:19

Provexis raises £50k to strengthen its capital base

(Sharecast News) - Heart health functional food ingredient developer Provexis has raised £50,000, it announced on Friday, to strengthen its capital base and de-risk the business further. The AIM-traded firm said the funds were raised via a placing of 6,666,667 new shares, at a price of 0.75p each.

It noted that the placing price represented a discount of 7.4% to the closing mid-market price per share on 18 February.

"In December, the company conducted a £1m placing, and the £1.05 million funds raised from the December placing and the further placing announced today will be used to provide the company with additional working capital over the coming year to support its international growth plans," said chief executive officer Ian Ford.

"A new production run for the company's 'Fruitflow+' omega-3 dietary supplement product is in the process of being commissioned.

"The two placings conducted in December and February have significantly strengthened the company's capital base and de-risked the business, to the benefit of all shareholders."

At 1002 GMT, shares in Provexis were up 3.7% at 0.84p.
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