(Alliance News) - Cap-XX Ltd on Thursday said it had conditionally raised GBP2.4 million through a share placing, originally announced on Wednesday.

Shares in Cap-XX were down 39% in London on Thursday at 1.36 pence.

Cap-XX, a Sydney-based supercapacitor and energy management system manufacturer, said it placed 181.5 million shares at an issue price of 1.3p per share.

On Wednesday, Cap-XX said the majority of the net proceeds of the placing would be applied towards new product development and driving revenues through sales and marketing.

Canaccord Genuity Asset Management Ltd, a large shareholder in Cap-XX, will participate in the placing for 53.8 million shares at the issue price.

Cap-XX Chair Patrick Elliott, Chief Executive Anthony Kongats and non-executive director Bruce Grey have subscribed for 10.8 million shares at the issue price. Cap-XX said the subscription conditionally raised GBP140,000 in aggregate.

Application will be made for 76.5 million of the placing shares to be admitted to trading on AIM, anticipated to take effect on Friday next week. Application then will be made for the other 105.0 million placing shares and the 10.8 million subscription shares to be admitted to trading, expected to take effect on June 6.

Following first admission, Cap-XX's issued and fully paid share capital will consist of 586.8 million shares.

Away from the placing, Cap-XX announced on Wednesday that Anthony Kongrats has decided to step down as chief executive.

Kongrats' resignation is expected to take effect on May 12.

The company added that it is in "advanced discussions" with a proposed new chief executive.

By Emma Curzon, Alliance News reporter

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