By Laura Lutz
Washington, Jan. 29 - SPI Lasers plc secured £10.5 million from a private placement of shares.
In total, the company arranged to sell 5.25 million ordinary shares at 200p each.
The placement will be conducted in two tranches.
Panmure Gordon will act as underwriter.
Proceeds will be used for product development, to cover incremental costs associated with delays in 2006, to expand sales in the United States and Asia, for working capital, and to increase manufacturing efficiency.
Based in Southampton, England, SPI produces optical fiber-based lasers.
| Issuer: | SPI Lasers plc
|
| Issue: | Shares
|
| Amount: | £10.5 million
|
| Shares: | 5.25 million
|
| Price: | 200p
|
| Warrants: | No
|
| Underwriter: | Panmure Gordon
|
| Pricing date: | Jan. 29
|
| Stock symbol: | London: SPIL
|
| Stock price: | 225p at close Jan. 29
|
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