RC Fornax has completed a heavily discounted placing that raised £2.5 million before expenses through the issue of 37.5 million shares.
The UK-based defence consultancy, which delivers engineering solutions for critical military platforms, priced the shares at 6p each, a 39% discount on the price before the placing was announced.
RC Fornax shares are now down 80% since listing at 32.5p in January.
RC Fornax is conducting an additional retail offer to raise up to £0.5 million through the issue of up to 8.3 million shares at the same price. Results of the retail offer, which closes this morning, will be announced later today.
The company said the proceeds will support RC Fornax’s innovation strategy, particularly the development of Smart Scope, an AI-powered tool for automating compliant Statements of Work, currently at the MVP stage. RC Fornax is also developing Procure X, an intelligent marketplace that connects verified SMEs with defence buyers.
RC Fronax has made a series of disappointing announcements since listing, which is reflected in the heavy discount on the placement.