Haydale has announced its intention to conduct a fundraising of up to £3.5 million (over USD$4.5 million) in aggregate, including a Placing of New Ordinary Shares, to raise in aggregate £2.17 million (over USD$2.8 million).
The Company proposes to raise a further £52,000 (around USD$67,300) from the Participating Directors, comprising the issue of New Ordinary Shares at the Issue Price. Certain Directors, namely Keith Broadbent, Theresa Wallis and Gareth Kaminski-Cook, intend to participate by way of the Subscription with David Banks intending to participate via the Placing.
In addition, the Company intends to carry out a separate retail offer of New Ordinary Shares at the Issue Price via the Bookbuild Platform to raise further gross proceeds of up to £0.5 million to provide existing retail shareholders in the United Kingdom with an opportunity to participate in the Fundraising.
The proceeds of the Fundraising will be used to fund the general working capital needs of the business.
