saietta group plc said late wednesday that its fiscal 2022 pretax loss widened after booking higher costs and that it intends to raise 20 million pounds 243 million via a discounted share placing the uk electricdrive company said that for the year ended march 31 pretax loss was gbp111 million compared with a loss of gbp73 million for fiscal 2021 revenue rose to gbp36 million from gbp870966 the year prior the board is extremely confident given the exceptional operational and technical progress and key hires in strategically important positions of achieving or exceeding the companys short and longterm goals including revenue expectations for fiscal 2023 the company said saietta added that it intends to raise a minimum of gbp20 million via a discounted placing and an accelerated bookbuild which it will use to scale up and develop some of its projects the company said that it will also use the proceeds to fund a commercialization and development agreement with consolidated metco inc which will allow it to enter the global truck market saietta noted that pending shareholder approval it will issue shares at 138 pence a share representing a discount of around 48 to tuesdays closing price