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TyraTech Inc

  • BY: Andrew Hore |
  • POSTED: 18/05/2010 |

Natural and safe pesticides supplier TyraTech Inc has raised 2.2m at 9p a share.

Nominated broker Nomura Code will receive its fees in shares. TyraTech had more than $1.2m in cash at the end of 2009 but it admitted that it would not be enough to keep the business going for the whole of 2009. TyraTech reported a loss of $13m in 2009.

The cost base has been reduced in order to conserve the cash that is being raised.

Pest control company Terminix has ordered 300,000 units of the co-branded Terminix SafeShield. Further orders are expected later in the year.

TyraTech is involved in litigation with Molecular Securities and it believes that this will be settled this year. Molecular says it is owed $2.7m plus interest and cost. If Molecular won then this would have a significant negative effect on TyraTech.

At 14.5p a share, TyraTech is valued at 3.19m. TyraTech was spun out of XL TechGroup Inc in 2007. TyraTech raised 25m at 5 a share when it joined Aim on 1 June 2007. The net proceeds were 22.2m.

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