Feb. 7, 2005 — Oxonica Ltd., an Oxford, England-based nanomaterials developer, announced today it completed a $4.9 million round of financing through a rights issue and employee subscription.
The company issued 38,478 new ordinary shares, including 2,006 shares issued to employees. The issue was substantially underwritten by Seighford Investment Company Limited and Richard Farleigh, both of whom were founder investors in Oxonica. It was supported by shareholders, including the three largest investors, BASF Venture Capital GmbH, Foresight Technology VCT and TriVest VCT.
The issue triggered a previously agreed restructuring of the group’s share capital as a result of which Oxonica now has a single class of ordinary shares. The greater part of the proceeds will be used to provide working capital and to support the global commercial rollout of the company’s Envirox Fuel Borne Catalyst and Optisol UV Absorber.
Envirox has already been adopted by Stagecoach Group plc for use in its UK bus fleet and an agreement has also been signed with DMX Technology Corp to distribute the product into premium branded diesel fuel in the Philippines, in partnership with BASF. Optisol has been selected by Boots Group as the UV filter for incorporation into their new range of Soltan Facial Suncare products.