Symphony Environmental Technologies PLC (AIM:SYM) has raised £1mln after Bahamas-based investor Sea Pearl Ventures bought stock at 18p, a 5% discount to Friday’s closing price.
In addition, Sea Pearl has been granted 4mln warrants that can be exercised over 25p a share, potentially giving Symphony access to further funding.
Symphony, which specialises in making rubber and plastic products more environmentally friendly, said the proceeds from the fundraiser would be used for "ongoing working capital purposes".
They will also be deployed to "strengthen the balance sheet to take advantage of future commercial opportunities as the group transitions to profitability", investors were told.