MicroSalt PLC (AIM: SALT) announced a retail offer coordinated by Zeus Capital Limited aimed at raising up to £100,000 before expenses. The company will issue up to 714,285 new ordinary shares to existing shareholders at 14 pence per share, representing roughly a 3.4% discount to the 14.5 pence closing price on 9 September, the last trading day before the shares entered the Capital Access Window.
Each share issued in the retail offer carries one warrant that allows the holder to subscribe for an additional ordinary share at 14 pence within three years of admission. The warrants will not be admitted to trading on AIM. The offer opens at 08:00 GMT on Thursday and is slated to close at 17:00 GMT on Sunday.
The retail offer follows an earlier subscription that was oversubscribed, conditionally raising about £1.3 million through 9,213,858 subscription shares. A director subscription is expected to add roughly £140,000, bringing total gross proceeds to approximately £1.5 million if the offer is fully subscribed.
The fundraising is conditional on shareholder resolutions to be passed at a general meeting scheduled for 11:00 GMT on 2 October. Admission of the retail‑offer shares to AIM trading is anticipated at 08:00 GMT on 5 October.
Net proceeds will be used for general working capital. As of 31 August, MicroSalt reported gross cash of about $260,000 and noted that it remains in the commercialization phase, operating as a monthly net cash user.
