VN Automotive Ltd closes 3rd EIS raise
When announcing the close VNA Chairman David Newman said: ” It was always our intention to keep to the budgeted figure and save any further dilution in the company. This raise is budgeted to pay for pre negotiated ‘fixed cost’ contracts that will deliver the first characterised EHG mounted on a static generator engine thus providing VNA with a saleable solution”.
Round 1 shares were initially traded at £120 each in 2012, with a second round seeing a value of £486 allocated in 2013. The work carried out with that funding has proven the technology capabilities and as such ‘de-risked’ the project considerably. Shares in the 3rd and final round sold at £3020 per share.