LONDON (ShareCast) - AIM-listed Nanoco Group has unveiled plans to raise around 10m pounds through the placing of just under 6.37m shares at 157p each.

The placing will be made via an accelerated bookbuild, with the proceeds being used to fund the company's continued growth.

The placed shares will be equivalent to around 3% of the company's issued ordinary share capital.

The placing price of 157p is at a discount of approximately 2.2% to the closing price on October 14th, the day before the announcement was made.

Chief Executive Officer Michael Edelman said: "During the past few months we have made rapid progress with the commercialisation of our technology and with the development of our manufacturing capacity. The additional funds to be raised in this placing will assist our efforts to realise our strategy and to deliver value to our shareholders."

NR

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