Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) said it has raised £9.9 million from the share issue it announced in July, with a larger-than-expected £8.4 million drummed up via a conditional placing.
The shares are expected to be admitted on Friday 6 October, giving the company a total of 533,352,523 ordinary shares in issue.
Back in July, the sustainable biopesticides developer said it aimed to raise £9.5 million, with £1.1 million from a firm placing, £0.5 million from a retail offer and £7.9 million conditional on a shareholder vote and confirmation of EIS status.
Proceeds from the fundraising are earmarked to procure stock for the company's new seed treatment product, expansion into new territories, and the growth of the commercial team.