Chemical development company Alexium International Group (ASX:AJX) has completed a $12 million institutional placement, with a further $3 million expected to be raised through a Share Purchase Plan.
Shares were priced at $0.35 a share with 34 million shares offered, and the placement was oversubscribed and included new institutional investors.
The Share Purchase Plan will give eligible shareholder the opportunity to purchase up to $15,000 worth of shares at the same price as the placement.
The company said the funds raised will provide strength to its balance sheet ahead of anticipated customer production ramp-up and new product trial requirements.
The funds will also be used to expand its product development team to support new and existing market opportunities, as well as invest in new equipment, product testing and intellectual property protection.
Shares in Alexium International Group (ASX:AJX) are trading 5.26 per cent lower to 36 cents.