UPDATE 1.20pm: Vmoto says its shares will begin trading on London's Alternative Investment Market (AIM) following completion of a £1.6 million ($2.4 million) raising.
The company issued more than 121 million new shares at 1.3 pence (1.9 cents) each through finnCap, giving the company a market capitalisation of about £11.6 million ($17.7 million).
Vmoto managing director Charles Chen said funds raised would enable the company to deliver on existing opportunities in an expedient way, including ramping up PowerEagle production lines.
"We intend to make the most of the support shown by the London investment community to expand our marketing and sales operations in Europe to exploit the growing demand for electric scooters," he said.
Vmoto specialises in manufacturing electric-powered scooters from its production facility in Nanjing, China.Vmoto shares closed off 0.3 cents, or 10 per cent, at 2.7 cents.
The new magazine for a new generation of West Australians.Click here to download »
All the latest market figures from Australia and the world.Click here »
'The West Australian' is a trademark of West Australian Newspapers Limited 2013.
All rights reserved.
Select your state to see news for your area.