The fundraising was conducted through an accelerated bookbuild process undertaken by Cavendish and conditionally raised gross proceeds of £4.56 million. Ilika is also looking to raise an additional £0.5 million through a separate conditional retail offer.
The net proceeds of the fundraising will be used to advance the commercial status of Ilika’s two product lines, specifically supporting the commercial launch and ramp up of the small format Stereax technology, and the continued development and delivery of the large format Goliath technology, through to a position where it will be possible to secure licensing agreements with commercial partners.
The Reed Smith team was led by counsel Alex Davidson, supported by associate Anna Plenderleith.
Davidson said: “We are very pleased to have represented Cavendish on Ilika’s fundraising, drawing on our expertise in the AIM market, as well as the industrials and energy sectors.”
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