Xilam issued 446, 500 new shares for the lump sum, which accounts for 9.09% of the company’s share capital.
Marc du Pontavice, chairman, CEO and founder of Xilam, will retain 54.31% of the voting rights in the company.
The company says that funds will be allocated to a ‘significant’ company expansion, which will see Xilam explore new acquisition and co-production opportunities. The expansion is expected to take place post-2019/2020.
The transaction was executed by decision of the board of directors and CEO on 26 June 2018.
Delivery of the new shares issued and their admittance to trading on Euronext Paris are scheduled for 29 June 2018. The new shares will bear current dividend rights and will be admitted for trading on the Euronext Paris.
Xilam’s total share capital will comprise 4,911,500 shares following the settlement.
The move arrives after it promoted three execs in its production department in October to support the expansion. Dorothee Lanchier became COO, Camille Wiplier now acts as deputy COO and Marie-Laurence Turpin is head of development and talent management.