MicroSalt PLC (AIM:SALT) shares were being bought up like hot chips on Monday after the developer of smaller salt particles raised £2.3 million at the prevailing market price.
The company raised the cash via a subscription from existing shareholders, who bought almost 3.32 million new shares at the market price of 70p apiece, with each share coming with two warrants.
CEO Rick Guiney said the funding was oversubscribed and said this was a pleasing result "at a time when many other fundraisings are consummated at substantial discounts".
He said the additional capital will enable Microsalt "to further scale our B2B sales to snack manufacturers and help us meet anticipated customer demand in the QSR segment since our January 2025 product launch.
"I am very optimistic on the upside potential for anticipated rapid growth in 2025, particularly at a time when governments are increasingly focused on initiatives to reduce Sodium consumption in manufactured foods," Guiney added.