Oesophageal Doppler Monitoring (ODM) device maker Deltex Medical Group plc (LON:DEMG) has raised £400,000 after existing institutional and private shareholders agreed to up their stakes.
In a rarity for an AIM-listed company, Deltex raised the cash at the going rate, issuing 11.67mln new shares at 3.625p; the same price at which shares closed at on Tuesday.
"This fundraising will provide the company with additional working capital as it moves to the operating cash break-even point,” said chairman Nigel Keen.
Keen was one of several directors, including chief executive Ewan Phillips and finance director Jonathan Shaw, who took part in the subscription.
The company has pushed back the announcement of its 2016 results until 24 April to “accommodate the timetable for this subscription”.
In a separate announcement, Deltex confirmed it had issued Phillips and Shaw with 659,000 and 405,000 share options respectively.
The awards were made in return for the two directors agreeing to wave gross salary and benefits of £17,300 and £10,600 respectively.
Shares gained 1% to trade at 3.65p on Monday morning.