Strip Tinning raises £0.11m via retail offer

12th Jan 2024 15:41

(Sharecast News) - Strip Tinning, a supplier of specialist connection systems to the automotive sector, announced on Friday that it had raised £0.11m through a retail offer via the BookBuild platform.

The AIM-traded firm said the retail offer was made available to existing retail shareholders, and subject to its unconditional status, it would issue 265,375 new shares at a price of 40p each.

Pending the approval at the general meeting scheduled 15 January, Strip Tinning said it would issue a total of 2,765,375 new shares.

That would include 2,500,000 placing shares and the 265,375 retail offer shares.

The combined gross proceeds from the shares, along with funds raised from convertible loan notes as announced on 20 December, would amount to £5.1m.

Reporting by Josh White for Sharecast.com.