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RC Fornax PLC on Friday said it plans to conduct an equity fundraising for £2.8 million split across a placing and retail offer. The provider of engineering solutions to the UK defence industry said it aims to raise minimum gross proceeds of £2.3 million from a placing and a maximum of £500,000 from the retail offer. The issue price for the fundraising is 6 pence per new share. Shares in RC Fornax closed down 1.3% at 9.63p in London on Friday. The issue price represents a discount of 39% to the closing mid-market price on Friday. The company said the placing will be with new and existing institutional investors and management. Paul Reeves, Daniel Clark, Rob Shepherd, Nigel Harper and Mark Fahy, co-founders and management of the company, intend to participate in the placing to raise £156,800 in aggregate, RC Fornax said. The firm said the net proceeds will be used to develop the Procure X Marketplace, a self-serve marketplace which aims to connect verified small and medium-sized enterprises with defence buyers, and Smart Suite. RC Fornax said the funds will also provide working capital support for ‘upcoming potential contract wins’. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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