Zeus is delighted to have acted as Nominated Adviser and Joint Broker to Surface Transforms plc on its Placing and Subscription of £8.3m, with a further Open Offer of up to £2.0m (together, the “Fundraise”). The transaction marks Zeus’ third secondary raise for Surface Transforms.
The net proceeds from the Fundraise will be used for working capital requirements with c.£5.0 million required to fund operations and c.£3.0 million as contingency. Any excess raised via the Open Offer will be to enable the Company to accelerate its capacity resilience.
The Company remains in advance discussions on a £13.0 million capital expenditure loan that would be released as new capacity is expended in 2024 and 2025.
The Placing received strong support from both existing shareholders as well as a number of new shareholders.