Surface Transforms plc

finnCap have advised Surface Transforms Plc (AIM:SCE), manufacturers of carbon fibre reinforced ceramic materials, on their £1.5m placing.

David Bundred, Chairman of the Company, commented:

“Following recent investor demand we have conducted a placing that broadens the institutional shareholder base and provides additional working capital. The strengthened balance sheet will also be beneficial during the current ongoing evaluations by mainstream automotive OEMs.

“We are pleased to welcome the new investors to the register as we continue with our strategy to become a series production supplier of carbon ceramic brake discs to the large volume original equipment manufacturer (OEM) automotive market and to the niche military and small commercial aircraft brake market.”