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NetScientific PLC on Wednesday said it has raised £1.5 million amid a ‘difficult macro-economic climate’.
NetScientific is a London-based life sciences and sustainability technology investment firm.
The company said it has raised £1.5 million via a placing of 2.2 million shares at a price of 67 pence each.
The placing price represents a discount of around 11% to the closing price of NetScientific's shares of 75p on Monday, being the last business day prior to the announcement of the placing.
Shares in the company were down 9.2% to 66.75 pence each in London on Wednesday morning.
Entities associated with Melvin Lawson, a substantial shareholder in the company, have bought 485,074 placing shares, worth £325,000. NetScientific's nominated advisor, WH Ireland Ltd, said that the participation of Melvin Lawson and his associated parties is ‘fair and reasonable’.
The placing shares will represent approximately 9.6% of the company's issued share capital following completion.
Chief Executive Ilian Iliev said: ‘We are grateful for the support from our shareholders in this difficult macro-economic climate and look forward to deploying these funds to develop the company's growth strategy.’
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