Haydale Graphene raises £450k through subscription

Advanced materials group Haydale Graphene raised £450,000 on Monday following the issue of 22.5m new ordinary shares.

Haydale said two existing shareholders had subscribed to the shares at 2.0p each, representing a 25% premium to the stock's closing price on Friday and roughly 6.6% of the firm's entire issued share capital.

The AIM-listed group said the subscription funds will be used for general working capital purposes.

Haydale also noted that it had approximately £2.47m of cash as of 31 October.

Chairman David Banks said: "We are pleased to have received such strong support from two of our existing shareholders who truly believe in the progress Haydale is making on its commercialisation journey.

"The additional funds from the subscription enable our executive team to move forward with additional confidence."

As of 1340 GMT, Haydale shares were up 2.81% at 1.64p.