Chamberlin PLC (AIM:CMH) has raised £1.8mln to grow its eCommerce brands, IFW gym equipment and Emba Cookware, and help it expand into the medical technology sector.
Castings specialist Chamberlin has one of only 5 DISAMATIC automated moulding foundries in the UK capable of producing high volume, globally competitive cast iron products.
"The board is confident that the group has the capacity, in-house design and engineering expertise and reputation for high-quality products, to enable the business to grow revenues and profit over the medium term", it added in a statement.
The money is coming from a placing at 5p per share and subscription by executive director Trevor Brown at the same price, the engineering group added.
Trevor Brown currently holds 29.9% of Chamberlin shares which will drop to roughly 25.3% following this issue.
The placing price represents a discount of 31% to the mid-market close yesterday.