FireAngel (AIM: FA.), one of Europe’s leading developers and suppliers of home safety products, announced a proposed open offer to raise approximately £6.1 million, at an issue price of 12 pence per new ordinary share. In addition, approximately £6.1 million (before expenses) conditionally raised by means of a placing with certain existing shareholders and other investors at an issue price of 12 pence per new ordinary share, subject to clawback under the open offer. It should be noted that new ordinary shares will only be issued pursuant to the placing if and to the extent that the open offer is not subscribed in full by shareholders of the Company.
The issue price of 12 pence represents a premium of 20 per cent. to the closing price the last business day prior to announcement.
The funds raised will be used to strengthen the Company’s balance sheet and to deploy and support its connected homes technology.
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