Tekcapital PLC (LON:TEK) has announced that its portfolio company Belluscura PLC has completed a further tranche in the private placement to raise an additional US$603,000 through the issue of equity.
The AIM-listed firm said that following the placement announced on February 14, Belluscrua has converted loans equal to approximately US$78,000 to equity under the same terms as the private placement.
Tekcapital said this private placement was priced at US$0.18 (13p) per share, giving medical equipment specialist Belluscura a post-money valuation of approximately US$4.3mln.
The intellectual property investment group said the private placement will continue to remain open to enable current shareholders and additional investors to participate.
Tekcapital added that proceeds of the private placement will be used for further investment in Belluscura’s products in development, specifically the CURV oxygen concentrator and Snap III level of consciousness monitor, and for general working capital purposes.