SRT Marine Systems PLC on Friday said it raised gross proceeds of around £4.6 million from a placing of new shares.

SRT Marine Systems is a Somerset, England-based provider of maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection.

It said it successfully placed 9.2 million shares at an issue price of 50 pence each, and represented a significant increase from the proposed £4 million fundraise earlier on Friday.

Shares in SRT Marine Systems closed down 12% to 51.20 pence each in London on Friday.

SRT Marine Systems said it is also providing retail investors with the opportunity to subscribe for up to 1.5 million retail shares at the issue price. This would raise a further £750,000 before expenses.

The retail offer is due to close on Monday, with the results announced separately thereafter, SRT Marine Systems said.

As a result, it expects gross proceeds from both fundraises to reach up £5.4 million before expenses via the issue of 10.7 million total new shares.

Earlier on Friday, SRT Marine Systems said it would use the net proceeds of the fundraising to facilitate accelerated growth through the provision of working capital for its systems and transceivers divisions.

Copyright 2023 Alliance News Ltd. All Rights Reserved.