Ilika's £500k retail offer oversubscribed

Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the solid-state battery developer, said its retail offer was oversubscribed and raised around £500,000 through the issue of shares at 28 pence each.

The offer forms part of a wider capital raising that brought in roughly £5.0 million in gross proceeds.

Ilika said the money would support the commercial launch of its small-format Stereax technology and continued development of its larger Goliath battery.

Dealings in the new shares are expected to begin on AIM on 9 July.