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PureCircle raises ?26m as it looks to accelerate growth

By Abigail Townsend

Date: Wednesday 15 May 2019

PureCircle raises ?26m as it looks to accelerate growth

(Sharecast News) - PureCircle has raised more than £26m through a share placing, as it looks to expand its product portfolio and ramp up growth.
PureCircle, which produces stevia-based sweeteners for the food and drinks industry, said it raised gross proceeds before expenses of £26.6m after placing 9,500,000 new ordinary shares at £2.80 per share. The placing shares represent around 5.4% of the company's existing issued ordinary share capital.

The company said on Tuesday, when it announced the placing, that it wanted to "fully capitalise on opportunities within its existing customer base as well as new opportunities, which have been advanced as stevia adoption grows".

In particular, the funds will be used to upgrade current manufacturing capabilities, and to scale up and expand next generation sweeteners such as Reb M. Other uses will include ongoing research and development, and for marketing.

Shares in PureCircle, which has its main offices in Kuala Lumper and Chicago but is listed in London, rose 6% to 276p by 1330 BST.

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