Surface Transforms has raised £1.9m at 15.5p a share.
There have been delays to the start of production with a new manufacturing partner, which will use the company’s brake technology, and the cash provides additional flexibility. Production should start before the end of the year.
The carbon fibre brake discs developer is expected to make a 2018-19 loss of £1.9m, compared with £2.2m previously. Most of the loss came in the first half. Net cash was £745,000 at the end of November 2018. The placing should mean that the May 2019 net cash figure will be £2.9m.
Surface Transforms could become cash generative next year.
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