Haydale Graphene Industries PLC on Friday said it plans to raise £6.0 million for working capital purposes.

Haydale Graphene, a Carmarthenshire, Wales-based technology solutions company, said it plans to conduct a placing of 912.0 million shares at the issue price of 0.5 pence per share to raise £4.6 million.

The placing prices represents a 36% discount to the shares closing price of 0.78p on Thursday.

Its shares were down 18% to 0.64p each on Friday afternoon in London.

The placing will be conducted by way of an accelerated bookbuild which will be launched immediately.

Haydale said it plans to raise a further £440,000 through a subscription of 88.0 million new shares at the issue price.

In addition, it intends to carry out a separate retail offer of up to 200.0 million new shares to raise a further £1.0 million.

Haydale said it will use the proceeds to fund the general working capital needs of the business.

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