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Sorbic International

  • BY: Andrew Hore |
  • POSTED: 25/03/2013 |

Sorbic acid and potassium sorbate producer Sorbic International is raising 700,000 from an issue of loan notes and shares.

The share placing at 7p each will raised 575,000. The shares are currently trading at 9.5p each, which values the existing share capital at 4.28m.

The other 125,000 will come from the loan notes, which convert into shares at 9p each and have an annual interest rate of 10%. The redemption date is 31 August 2014. The interest rate and redemption date are the same as for the existing loan notes.

The cash will be used to fund overheads while Sorbic tries to transfer cash from China to the UK. Net cash was 4.3m at the end of 2012.

The Chinese authorities have said that Sorbic will not suffer a financial loss from moving its Inner Mongolian plant due to the re-zoning of land.

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