Cap-XX Ltd on Friday said it has raised £2.0 million via a placing and subscription of new shares, while a retail offer remains open until 1500 GMT.

The Sydney-based company, which makes supercapacitors for portable electronic devices, said 2.00 billion new shares were placed at a price of 0.1 pence per share.

Shares in Cap-XX were down 25% to 0.13p each in London on Friday morning.

Chair Patrick Elliott, Chief Executive Officer Lars Stegmann and Non-Executive Director Steen Feldskov also subscribed for a total of 35.0 million new shares for a total £35,000.

There is also a retail offer of shares, which is expected to remain open until 1500 GMT. Cap-XX said a further announcement will be made in ‘due course’.

Cap-XX said 103.9 million placing shares will be admitted to trading on AIM in London, expected to take place on Thursday. A further 1.90 billion placing shares, plus the 35.0 million subscription shares, are expected to be admitted on April 25.

Following the first admission, Cap-XX will have a total of 824.0 million shares in issue.

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