X-RAY technology firm Bede is pressing ahead with plans to build up a £3.65m war chest to finance future projects.

The company hopes to capitalise on moves into chemicals and pharmaceutical markets on the back of a major shares placing.

An extraordinary meeting of the company gave the go-ahead for 27,118,644 shares to be sold at 14p each. They will go on sale at the London Stock Exchange today.

The decision to place the additional shares was first announced on June 26.

Neil Loxley, chief executive, said at the time: "The group has, over the last two years, undertaken an intensive investment program in research, development and capital expenditure in order to broaden its product range and target markets. Having built the fundamental value into the group, we are now concentrating on the execution and delivery of the long-standing growth strategy.

"The proceeds from the placing should allow Bede to proceed with confidence to exploit returning demand."

Bede had struggled during difficult trading conditions caused by over-capacity in the semi-conductor market, which drove prices down. But it now hopes to push the business forward.

The shares placing approval will help Bede deliver orders from Tokyo Electron, its sole distributor in Japan, which has ordered the first of a new generation of advanced semiconductor metrology tools, the BedeMetrix.