Surface Transforms raises £450,000
SURFACE Transforms, the North West high-tech manufacturer of carbon ceramic brake products, has raised £450,000 through a share placing.
The AIM-listed Ellesmere Port-based company said the net proceeds of £410,000 from the fundraising would give it working capital for future growth and strengthen its balance sheet.
The placing of 4.51 million new shares at 10p per share represents more than 19% of the firm’s enlarged share capital.
Surface Transforms said it had made “considerable operational progress” in developing its product for the aerospace brake systems market and wanted to accelerate the adoption of the carbon ceramic brake technology in an active niche aircraft programme opportunity.
Chairman Kevin D’Silva said: “Last year, the company made progress within its aerospace and defence markets against a background of a severe global recession and a worldwide contraction in the automotive industry.”
At the end of May the company had resources of just over £400,000, giving it sufficient working capital for at least the next 12 months. The placing will give it additional financial firepower as it builds for the future.
If shareholders approve the placing, the deal should be completed by the middle of next month.
