- Surface Transforms (AIM: SCE) has announced the placing of 3,843,498 ordinary shares of 1p each at a placing price of 8.5p per share raising approximately £327,000.

The proceeds of the placing will be used to strengthen the Company's working capital position.

David Bundred, chairman of Surface Transforms commented: "This placing completes the proposed fundraising of £821,000 announced in January 2013 of which £504,000 was actually raised in the period up to March 2013.

"The placing proceeds will be used for ongoing working capital purposes. The Board continues to target EBITDA break even and results are expected to be in line with market expectations."

At 10:40am: [LON:SCE] Surface Transforms PLC share price was -1.63p at 9.75p

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