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Amiad Filtration Systems has raised ยฃ6.5 million (before expenses) in a placing of 5,045,965 new ordinary shares at 129 pence per ordinary share.
The selling shareholder has agreed to sell 1,164 454 ordinary shares at a price per share equal to the placing price. Market capitalisation of the company at the placing price will be ยฃ25,108,020.
The net proceeds of the placing will be used principally to develop sales and marketing capabilities with a focus on high growth territories, such as China, India, Mexico, Africa and Eastern Europe, Amiad says. The company also wants to develop new innovative products, target new high growth markets, strengthen Amiad's position in complete water treatment systems through selective acquisition or establishment of capabilities in this area, repay ยฃ1.3 million of loans due to AMS (Kibbutz Amiad) and Gaon Agro, strengthen the company's balance sheet and provide working capital for general, group-wide applications.
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