Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) announced in a statement after Friday’s market close that it is raising £9.5 million of new capital, through a share placing and a retail offer.
The company said it would sell new shares in a placing to raise £9 million – of which £1.1 million is a ‘firm’ placing and the other £7.9 million is conditional on a shareholder vote and confirmation of EIS status – plus a further £0.5 million of new equity would be sold to retail investors via the Bookbuild platform.
The firm placing will see 16.9 million new shares sold at 6.5p each to institutional and other investors, with some 121.5 million new shares to be sold, also at 6.5p, to new and existing investors and, at the same price, up to 7.69 million new shares will be offered to retail investors.
Proceeds from the equity raise are earmarked for the procurement of stock for the company's new seed treatment product, expansion into new territories, and the growth of Eden’s commercial team.