The AIM-listed firm, which is aiming to build an integrated financial services group, said in a statement that it had raised £644,147 through the sale of 41,303,724 new ordinary shares. It confirmed that the first block of shares have now been allotted with the current block admission set to be cancelled on September 18.

The group also revealed it will apply for a further 15,293,022 new ordinary shares, with the shares expected to go live around September 18.

Caledonian said it also intends to apply for a second larger block listing of up to 44,063,447 new shares, representing around 20% of its enlarged share capital, expected to go live around September 21, to be sold gradually over the remaining term of the facility.

Significant shareholders, including executive director Jim McColl, would see their holdings diluted as a result.

The news comes as Caledonian shares continue a sustained decline, trading at 1.21p at time of writing and down more than 59% against the FTSE All Share Index in the last 12 months.