Alltracell to raise L1.1M in share issue

Irish Medical Technology company Alltracell says it intends to raise approximately L1.1 million ($1.9 million) from a placing of 10.047,273 ordinary shares at 11 pence per share. The firm says that it will use the funds to finance the planned expansion of its cardiovascular clinical health development program.

Alltracell says it will apply for the inclusion of the new shares on the Alternative Investment Market of the London Stock Exchange, and added that it anticipates the placing to commence on January 26. The placement will rank pari passu in all respects with the existing shares of the company and following admission of the shares the group will have a total of 117,879,598 in issue.