Carclo plans for £3.67m fundraising
woensdag, 16 december 2009
Carclo, the hi-tech plastics and lighting group, has said that it plans to raise £3.67 million through a share placing to "accelerate a number of growth projects" in its business.
The funds raised by placing 2.85 million new shares at 128.5p each will be mainly invested in Carclo's technology business, Conductive Inkjet Technology (CIT).
Last week, the CIT and US-based technology firm Atmel signed a £600,000 agreement for the development and launch of an innovative new touch screen product.
The Ossett-based firm's patented photolithographic metallisation process will be used to create the screen for mobile phones and other electronic gadgets.
A new production line will be launched at Carclo's Cambridge facility to produce touch screen sensors for volume production starting in 2011.
Carclo also plans to invest up to £2 million over the next two years on the production line as well as to expand CIT's clean room facilities.
It is estimated that the project will result in an increase in the firm's working capital requirements.
Carclo said that trading by stockbrokers Brewin Dolphin was with institutional investors and equated to around 5% of the current share capital of the company.
Copyright © Press Association 2009