Mixed plastics waste recycling company Environmental Recycling Technologies has launched a share offer to raise cash for the business.
The company is to issue 82,746,456 new ordinary shares at 0.25 pence each to raise a maximum of £1,034,330.
This is subject to a shareholders meeting next week.
Environmental Recycling Technologies has developed and commercialised the patented rights to the powder impression moulding (PIM) process, which converts mixed waste plastics into commercial end products.
In a statement, Environmental Recycling Technologies said: “The proceeds of the open offer will provide additional working capital and finance to accelerate the roll-out of Environmental Recycling Technologies’ licences to use the PIM process on a global basis, to research additional complementary technologies, and to invest further in sales and marketing.”
The company is listed on the AIM exchange.