Belluscura announced successful fundraising on Monday and said it had enjoyed robust investor demand for a previously announced convertible loan note placing.
On 12 June, Belluscura announced a proposed placing of convertible loan notes. The company reports significant interest from both new and existing investors, with an update on final terms, including issue size, expected shortly.
In addition, Belluscura has successfully raised £300,000 from an investor through a subscription of new ordinary shares. This subscription was completed at 15p, representing a 7.7% discount to the closing mid-market price of 16.25 pence per share on 21 June.
The company plans to use the net proceeds from this share subscription for working capital purposes.
Last year, Belluscura recorded a step change in order intake and revenue generation after receiving approval for its oxygen concentrator units across Asia.
The funds raised from this round will be allocated to meeting these orders and supporting further revenue growth.