ProPhotonix Limited (London Stock Exchange - AIM: PPIX and PPIR, OTC: STKR.PK), a designer and manufacturer of LED light engines and laser diode modules, has completed a conditional placing of 23,250,000 new common shares of US$0.001 each ("common shares" or "placing shares") with institutional and other investors.
Through its broker Brewin Dolphin Limited (Brewin Dolphin), ProPhotonix has received commitments to subscribe for 23,250,000 placing shares at 14p (US$0.22) per placing share, raising approximately £3.255 million (US$5.1 million) before expenses. The placing is, inter alia, conditional on admission of the placing shares to trading on AIM ("admission").
Following the company's admission to AIM in December 2010, its strategy is to build on its machine-vision offerings. ProPhotonix recently expanded into medical equipment and homeland security sectors and intends to develop and market a high-power LED light engine product line for industrial illumination. In addition, the lighting manufacturer will continue to build competencies in engineering, sales, product management, and supply chain management.
ProPhotonix CEO Mark W. Blodgett says the funds raised are earmarked to further develop the company's technology and expertise related to LED-based lighting applications and in developing is laser module business, noting that "proceeds will be used to strengthen product management for the medical equipment market and expand the company’s direct sales force in the US, Ireland, UK, and Germany." He adds that ProPhotonix anticipates additional R&D investments in both the medical equipment and industrial illumination markets that require compact, high-performance LEDs.
For more details on the share placing, visit ProPhotonix.
SOURCE: ProPhotonix Ltd.
-- Posted by Vision Systems Design