MicroSalt said the subscription element of its fundraise closed significantly oversubscribed, raising around £1.4m as the group begins ramping up deliveries to some of the world’s largest snack foods companies.
The low-sodium salt maker completed the placing at 14p each, with a further £140,000 expected from a director subscription, taking total proceeds to about £1.4m.
MicroSalt, which reached 1 billion servings of its low-sodium salt earlier this year, is targeting $15m in revenue next year and said it needs the cash for general working capital purposes.
Each new share issued through the placing carries a warrant, exercisable at 14p over three years, – this would have been a major attraction for new investors in this round and will help boost the company’s future cash position.
The company is also launching a retail offer for existing shareholders of up to £100,000 at the same price, opening on 25 September.
The fundraise follows the recent conversion of debt owed to MicroSalt’s majority shareholder, Tekcapital, into shares, improving the balance sheet and removing the burden of potentially having to stump up $2m in early 2027.
Trading in MicroSalt’s shares, which had been paused under a “capital access window” to broaden the fundraise to retail investors, resumed on Thursday.
MicroSalt shares were trading at 14p at the time of writing, with their future success still hinging on meeting revenue guidance while achieving a healthy margin.