logo-loader

Photonstar raises £1mln through placing

Published: 10:05 25 Feb 2016 GMT

QuantumDots_56ced3fd607f3
PhotonStar is a leading manufacturer of intelligent lighting solutions...

Energy efficient lighting specialist PhotonStar LED (LON:PSL) has raised £1mln through a placing of 40mln new shares at a placing price of 2.5p.

The proceeds will contribute to further product and brand development, particular the group’s retrofit connected lighting business.

The placing will also allow PhotonStar to capitalise on its existing investment in the Halcyon intelligent lighting system.

The group said it had identified ‘significant potential’ within the Halcyon platform which it now has the capital to pursue.

FinnCap analyst David Buxton also believes there is substantial market opportunity behind the Halcyon platform and the integration of its cloud technologies.

The placing represents a 32% increase in number of shares in issue.

Investment services group Walker Crips subscribed for 5.5mln shares on behalf of its clients raising its stake to 15%.

“Our forecasts remain under review for the time being. The shares have continued to drift and the valuation remains at a low ebb,” said Buxton.

Share price remained flat at 2.63p.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

9 minutes ago