React Group PLC (LON:REAT) has raised £1.25mln through a share placing to boost its sales activities as its services are in high demand.
The cleaning specialist placed 83mln shares, representing 16.67% of the company, for 1.5p each, which is a 1.6% discount to Tuesday’s closing price.
READ: React Group sales climb but restructuring takes its toll
The proceeds will be used to fund growth and boost sales activities.
The AIM-listed firm said recent trading has been topping forecasts, so it expects to deliver a small operating profit for the six months to March 31.
While its regular maintenance services have remained stable during the coronavirus outbreak, there was a spike in demand for decontamination and infection control.
Shares shot up 8% to 1.65p on Wednesday at the opening bell.