HI-TECH brake manufacturer Surface Transforms has raised £504,000 in a placing and open offer of new shares.
The Ellesmere Port firm which makes brakes for supercars and the aviation sector announced plans for the fund raising on January 31.
The board has now announced that it has raised £256,000 by means of its placing of shares and £248,000 through its open offer.
Trading in the new shares on the Alternative Investment Market (AIM) is expected to begin on March 4.
Chairman David Bundred said: “The take-up we have seen for this capital raising both from new and existing shareholders which, together with the passing of the resolutions at today’s General Meeting, demonstrates the strength of support for the company’s proposed strategies and cost reduction programme.”