Coffeeheaven International, the AIM-listed coffee bar operator, has announced that it plans to raise £3.5m through a share placing in order to fund its expansion. The company is placing 11.5 million new shares at 30.5p a share, bringing the total number of voting rights to 128.9 million. The group will use the funds to finance its rollout, with the rate of new openings set to be similar to that of prior years, but with a greater focus on major markets. William Currie, a director of the company, is to purchase nearly 1.4 million shares, raising his stake in the group to 12.05%. Coffeeheaven operates around 85 stores across six European countries.