Windar Photonics to raise £490,000 to capitalise on lidar sensor demand

19th Dec 2016 15:56

(ShareCast News) - Wind energy company Windar Photonics is aiming to rise £490,757 in order to capitalise on the demand for its lidar sensors, which are used on electric wind turbines.The wants to take advantage of the demand for its WindEYE ad WindVisision lidar technologies.It raise the capital from the subscription of 522,082 shares of 1p each at 94p per share. This represents a discount of 1.1% on the mid market closing price of 95p on 16 December.Shares are expected to trade on AIM on 22 December and following admission the company will have 40.2m share in issue, with none in treasury.Jørgen Korsgaard Jensen, interim chief executive, said: "I am pleased by the continued interest for investing in Windar Photonics. The above subscription was limited by the current authority granted to the board of the company which is now fully utilized and investor offerings to the company exceeded the above mentioned amounts. The purpose of the subscription is to further strengthen our balance sheet to support the expected growth going into 2017."Earlier the company warned that full year revenue will be "slightly" below expectations due to project delays pushed to 2017.It expects revenue for the 2016 financial year to be between €1.5m to €2m, which is "slightly" below market expectations, but "still represents revenue growth of between 60% and 100%" compared to last year.Shares in Windar Photonics were down 8.53% to 86.90p at 1201 GMT.