Futura Medical, best known for its condom products which help maintain a firmer erection during sexual intercourse, is to raise funds through a placing of shares at a tiny discount to the prevailing share price.
The company intends to raise £2.08m, gross, through the placing of 3.65m shares at 57p a share, just a penny lower than the closing price of the shares on the day before the placing was announced.
The newly issued shares have been placed with institutional investors and represent around one-fifth of the company's enlarged share capital.
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The cash will be used for working capital purposes.
The share price hardened by a penny to 59p in the first hour of trading on the news.
JH
