Completion of further fundraise

RNS Number : 2332L

Hardide PLC

29 September 2016

 

Hardide plc

("Hardide" or "the Group" or "the Company")

Completion of further fundraise

Hardide (AIM: HDD), the provider of advanced surface coating technology, is pleased to announce that further to the £0.53m subscription announced on 09 August 2016 and the receipt of advance assurance from Her Majesty's Revenue & Customs that the funds raised will be eligible for EIS and VCT tax relief, it has completed a further fundraise of £1.1 million before expenses, by way of a subscription ("Subscription") of 134,214,500 new ordinary shares of 0.1 pence each ("Ordinary Shares") (the "Subscription Shares") at 0.8 pence per Subscription Share (the "Issue Price").

The funds received by the Company pursuant to the Subscription will be used to invest in a range of projects that the Board believes will enhance shareholder value.

Application has been made for the Subscription Shares to be admitted to trading on AIM and admission is expected to take place on 05 October 2016 ("Admission"). The Subscription Shares will rank pari passu with existing Ordinary Shares.  Following Admission, the issued share capital of the Company will be 1,534,906,304 Ordinary Shares. The Company does not hold any ordinary shares in treasury. Therefore the total number of ordinary shares and voting rights in the Company is 1,534,906,304.

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

The information in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

For further information:
Hardide plc  Philip Kirkham, CEO  Jackie Robinson, Communications Manager	Tel: [phone]
finnCap  Stuart Andrews / Grant Bergman / James Thompson	Tel: [phone]

Notes to editors:

www.hardide.com

Hardide develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components.  Its patented technology is unique in combining, in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries.  The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments.  This results in cost savings through reduced downtime and increased operational efficiency.  Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, nuclear, advanced engineering and aerospace industries. 

 

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