Surface Transforms raises £1.9m in new placing

Surface Transforms, which makes carbon brakes for high performance cars, has raised £1.9m through a placing of new shares.

The Knowsley-based company said the proceeds will allow the business to grow and develop and fund the further advancement and strengthening of IP, the acquisition of capital plant and for general working capital purposes.

Surface Transforms makes carbon fibre reinforced ceramic materials used in a range of high performance vehicles, including racing cars.

The AIM-listed company placed 12,303,600 new ordinary shares of 1p each at 15.5 pence per share.

David Bundred, chairman of Surface Transforms, said: “Following recent investor demand we have conducted a placing that provides the company with additional working capital. The strengthened balance sheet de-risks the business, and comes at an exciting time in the company’s development.

“We are pleased that current shareholders continued to support our strategy to become a series production supplier of carbon ceramic brake discs to the large volume original equipment manufacturer automotive market. We look forward to the future with confidence.”