PhotonStar LED has conditionally raised with new and existing institutional investors, in aggregate, gross proceeds of £1.0 million February 25 2016, 0 Comments

PhotonStar LED Group plc (AIM: PSL, "PhotonStar", the “Company” or the “Group”), the British designer and manufacturer of smart LED lighting solutions, has conditionally raised with new and existing institutional investors, in aggregate, gross proceeds of £1.0 million by way of (i) a placing of 38,000,000 new ordinary shares of 1 penny each ("Placing Shares") at a price of 2.5p per Placing Share (the "Placing Price") (the “Placing”) comprising the placing of 19,100,000 new ordinary shares of 1 penny each (the "First Placing") and the placing of 18,900,000 new ordinary shares of 1 penny each qualifying for EIS/VCT relief (the "EIS/VCT Placing") and (ii) a subscription of 2,000,000 ordinary shares of 1 penny each ("Subscription Shares") at the Placing Price (the "Subscription") . The Placing has been conducted by finnCap Limited (“finnCap”) and Northland Capital Partners Limited (“Northland”). finnCap is Nominated Adviser and joint broker to the Company and Northland have been appointed as joint broker to the Company.

Read the full press release here.