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Fluorotechnics Raises $1.06M

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Australian fluorescence firm Fluorotechnics this week said it has raised A$1.23 million ($1.06 million) through a rights issue and a placement.

The partially underwritten rights issue, announced in August, raised the maximum amount of A$1.035 million, the company said in a statement. It raised another A$200,000 through a share placement at A$0.28 per share to existing shareholders.

Shareholders were offered one new share at A$0.28 per share for every shares in the non-renounceable rights issue, representing a 30 percent discount at the time of the rights issue announcement. The largest subscriber to the rights issue was Hunter Hall, who increased his investment in Fluorotechnics by A$518,000.

The company's new non-executive director Lars Utterman has invested A$150,000 as an underwriter, the company said.

The money raised will be used to fund Fluorotechnic's sales and marketing operations, James Walker, CEO of the company said.

Late last month the company, based in Sydney, said that it had increased revenues for its fiscal 2008 to A$3.2 million from A$700,000 in FY 2007 and posted a loss of A$5.6 million, compared to a loss of A$2.4 million in FY 2007.

Fluorotechnics went public in October 2008, raising A$8 million in its initial public offering.

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