Surfwear brand owner Hot Tuna International has raised £1.11m gross at 0.3p a share.
At 0.48p, up 0.05p on the day, Hot Tuna is valued at £1.35m – before the latest placing.
The cash will be used to increase the Hot Tuna product offering and expand into new markets.
Merchant Capital was appointed as joint broker with Seymour Pierce in June, after Hot Tuna said that 2008-09 revenues would fall short due to delays in raising cash.
Geoff O’Connell has been promoted to chief executive. He invested £25,000 in the placing. Prior to this his stake was worth less than £15.
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