Westminster Group PLC (LON: WSG) has conditionally raised £1mln through the placing of new shares to support its contracts and project developments.
The supplier of managed services and technology-based security solutions is to place 10 million new ordinary shares at 10p each. It will also issue 1 warrant for every placing share, valid for two years and exercisable at a price of 12.5p each.
The placing represents about 6.9% of the issued share capital of the group.
READ: Westminster Group wins US$3.48mln contract for container screening at two separate ports in Asia
Westminster said the main purpose of the equity raise is to help fund its US$3.48mln contract for the provision of advanced container screening solutions to two separate ports in an Asian country.
The company will use the funds to manufacture equipment to be shipped and installed to the ports.
Westminster said the fundraise will allow it to “get this lucrative project underway immediately”.
A small proportion of the funds raised will be used for working capital on the Tema Port, Ghana project and for set up costs for Westminster Arabia – a joint venture agreed with Hazar International in Saudi Arabia last month.