Shares in US based composite materials specialist Armor Designs (LON:ADID) edged up nearly 6% to 450p this morning on news that the company had raised US$3.575m (£2.374m) in a share placing priced at US$15 per share. Proceeds from the fundraising have been earmarked to fund Armor’s short term capital needs. The company has also secured a commitment for a US$10m senior secured debt facility from a US investment fund specialising in debt financing for companies in the knowledge-based or intellectual property sectors.

The new credit facility, which remains subject to due diligence, is expected to include an immediate advance of US$4.0m with follow-on advances, up to a cumulative total of US$10.0m, made available based on the company's achievement of certain operational and financial milestones. Elsewhere, Armor has appointed David Oliveira as a non-executive director. Mr Oliveira is the owner of The Investment Center of Tanglewood, an independently owned branch of The Investment Center, which is a full service brokerage firm.

Armor is a technology-innovation company that develops and manufactures high quality armour materials for the military, government and commercial sectors. In the six months to June 30, 2009 it posted sales of US$0.5m and new losses of US$6.8m

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