OTAQ Plc Announces £1.7 Million Placing and £1.0 Million Broker Option

OTAQ Plc, a technology company focusing on aquaculture and offshore markets, has revealed a fundraising effort of £1.7 million through the issue of 10% Convertible Loan Notes due in 2027. Additionally, a Broker Option allows for an extra £1.0 million in the same notes.

The funds will support OTAQ's working capital and further product development. Recent cash flow difficulties motivated the initiative. Major shareholders have shown confidence by committing to the Placing. The Circular for the General Meeting on 12 July 2024 provides further details and is available on OTAQ’s website.

Dowgate Capital is managing the placement, with terms including a 10% interest rate and a conversion price of 3.0 pence per share. This funding strategy is designed to be less dilutive than traditional equity fundraising.