MED, the designer and manufacturer of low-power microdisplays using light emitting polymers for portable consumer electronics products, today announces its intention to raise approximately £7.5 million (net of expenses) by way of a Placing.
Summary of the Placing:
• Placing of 15,720,000 Placing Shares at a price of 50p per share to raise approximately £7.5 million (net of expenses).
• Net proceeds of the Placing will be used to strengthen the Company’s balance sheet and fund the working capital requirements anticipated as a result of the ramping of production at the Company’s manufacturing facility, providing comfort to existing and prospective commercial partners.
George Elliott, Chairman of MED, said:
‘These additional funds will ensure that on completion of the conditional placing, MED has the financial resources required to ramp production and execute management’s strategy for growth.’