The company will, on admission, have a market capitalisation of GBP35.7 million at the placing price. Admission to AIM should take place on Dec. 22.

Investec Bank (U.K.) has underwritten the placing and is acting as nominated adviser and broker to the Company.

CMR is a fuel cell development company. CMR has developed a new platform approach to the design and operation of fuel cell stacks which has the potential to offer substantial reductions in the size, weight and cost of fuel cell stacks.

While CMR's technology can be applied to various types of fuel cells, CMR has chosen to focus initially on the development of Direct Methanol Fuel Cell (DMFC) stacks for portable applications.

The net proceeds of the placing to be received by the company amounting to GBP9.2 million after expenses will be used principally to continue the technical development of its fuel cell products and progress potential manufacturing alternatives, to allow the company to build relationships with partners, to develop and protect the Company's intellectual property rights and for general working capital purposes.