Ilika (AIM:IKA), the solid-state battery developer, has launched a retail offer to raise up to £500,000, running alongside a separate placing and directors' subscription.
The offer is open exclusively to eligible UK investors, with commitments accepted from 8:00am on 3 July until 4:30pm on 7 July, and results expected the same day.
Proceeds from the broader capital raising, of which this retail tranche forms a part, are earmarked in two tranches: up to £2 million for the commercial rollout of the small-format Stereax technology, covering product optimisation with medical device manufacturer Cirtec Medical, validation of the M300 battery to enable direct sales, and triggering initial royalty payments; and up to £3 million for the large-format Goliath programme, funding prototype optimisation, battery formation equipment, a test programme, and delivery of a 10Ah minimum viable product, with the stated endpoint being a commercial licensing agreement.
The company reserves the right to scale the retail offer up if demand exceeds the £500,000 cap, or to scale back individual applications.
