Ilika PLC (AIM:IKA, OTCQX:ILIKF) is raising up to £3.4 million in a placing and open offer of new shares - cash that will be used to "drive the roadmap" for the company's Goliath solid-state battery projects.
A total of £1.5 million will be deployed to support the development and increase the capacity of the power unit, which can be used in electric vehicles and cordless consumer electronics. Ilika will also look to upgrade its dry room.
Anything above £1.5 million will be deployed to further "support" Goliath and for working capital.
The shares are being issued at 28p each - a 5% discount to Thursday's close.