The Corporate team from Burges Salmon has advised energy storage and clean fuel company, ITM Power plc, an AIM quoted company, on its initiative to raise £5.8 million by way of a placing of approximately 14 million new ordinary shares and an open offer of approximately 24.5 million new ordinary shares at an issue price of 15 pence per share.
The placing and open offer was arranged by Zeus Capital Limited. Admission occurred on 17 February 2016.
Dr Graham Cooley, CEO of ITM Power, commented: "We are delighted at the take up of the Open Offer, which in addition to the placing investment announced on 29 January 2016, aggregates to a total investment of £5.8 million, and will allow ITM Power to fulfil its current order book and continue to support the working capital of the business."
Corporate team partner Mark Shepherd, associate Mark Cook and solicitor Matthew Brace advised ITM Power on the fundraising.