Mycelx Technologies Corp - Georgia, US-based clean water and air technology - Raises about £700,000 from placing and subscription of 1.3 million new shares at 51.5 pence. The placing is run by Canaccord Genuity Ltd. The funds will be used to build equipment needed for trials of its water treatment technologies, PFAS and REGEN, as well as to hire staff to commercialise the PFAS remediation solution in the US. PFAS stands for per- and polyfluoroalkyl substances. ‘The directors anticipate that these initiatives will expedite participation in a greater number of trials that will accelerate contract wins,’ Mycelx says.

The company says it remains on track to meet market expectations for the current year, though this depends on ‘projects meeting delivery timelines with, in particular, one significant project currently expected to be recognised in December when factory acceptance testing is due to be complete’. As of the end of June, Mycelx has net cash of $2.1 million.

Current stock price: 51.01p for £11.7 million market capitalisation

12-month change: up 2.0%

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