InnovaDerma PLC (LON:IDP) announced it is set to complete fundraising plans proposed in January.
The maker of beauty, personal care and life science products is looking to raise up to £500,000 through the issue of up to 1.4mln open offer shares.
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They will be made available to the qualifying shareholders at the price of 35p a pop.
Under the offer, qualifying shareholders are being given the opportunity to subscribe for shares pro rata to their current holdings on the basis of one open offer share for every 12 existing shares.
The Skinny Tan producer also announced a subscription agreement with non-executive director Mark Ward, where it will repay a £500,000 loan facility provided by him with 1.4mln shares, following shareholder approval.
In January, the firm unveiled plans to raise up to £4.5mln in a bid to strengthen its balance sheet as well as enhance its e-commerce infrastructure and accelerate its direct-to-consumer strategy.
The fundraise comprised an oversubscribed placing of around 11.4mln new shares at a price of 35p each, bringing in £4mln, plus the open offer.