WideCells Group PLC said it received commitments to raise gross proceeds of about £1.5 million as part of a placing.

The Manchester, U.K.-based stem cell services company plans to issue 49,033,333 new ordinary shares to new and existing shareholders for 3 pence per share.

Further, as part of the placing, the company plans to issue subscriptions for up to 21,666,667 new ordinary shares through a live market bookbuild for an additional £650,000 in gross proceeds.

The live market bookbuild will begin May 10 and close May 21.

The company plans to use proceeds to repay debt, fund product development as well as for general working capital.

The placing is subject to approval by shareholders, with settlement date for placing letters set for June 15.