Remote Monitored Systems PLC (LON:RMS) has conditionally raised GBP5mln through an oversubscribed placing with the funds set to support subsidiary Pharm2Farm (P2F) which is rolling out a new anti-viral face mask product.
The company is issuing 400mln new shares at a price of 1.25p each. It was arranged by brokers Peterhouse Capital and SP Angel.
Investors in the placing have also been issued share warrants – one warrant for every new share – which are exercisable at a price of 2p per share.
RMS noted that whilst it previously considered it had sufficient finance for its current business plan, there have been a number of developments since that time including, as previously announced, a delay to the start of the mask production line which has impacted the company’s working capital requirements.
“More positively, the company believes that many P2F projects can be accelerated with additional resources,” RMS said.
“Similarly Gyrometric and Cloudveil’s business plans can be accelerated with focused investment.
“The board will evaluate and rank such opportunities and look to apply the placing proceeds to the most compelling projects.”