LONDON (ShareCast) - (Sharecast News) - Symphony Environmental Technologies announced an equity subscription for 15,456,900 new ordinary shares by Vincel Investment Holdings on Friday, at a price of 12.5p each, making for gross proceeds of £1.93m.
The AIM-traded firm said that in addition, 10 million warrants had been granted to Vincel.

It said the issue and allotment of new shares under the exercise of the warrants would be conditional upon shareholder approval at a general meeting, which would be held within three months of the exercise date.

Upon completion of the subscription, Vincel would hold 9.1% of the enlarged issued share capital of the company.

"The proceeds of the subscription will be used for ongoing working capital purposes and Symphony's continuing development and investment in a range of core complementary technologies," the company's board said in its statement.

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