FireAngel Safety Technology Group plc, a leading developer and supplier of home safety products, has raised £9.8m via a firm placing and conditional placing, subject to clawback under an open offer, with Shore Capital acting as Nomad and Joint Broker.
FireAngel intends to use the net proceeds to fund research and development to accelerate new products; implement efficiencies, improvements and cost-saving; strengthen the Company’s balance sheet, including optimising the Company’s working capital position in respect of stock and payables; and fund part of the legacy battery warranty returns.
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