PhotonStar LED Group PLC (AIM: PSL) will look for acquisitions. PhotonStar LED announced that it has raised gross proceeds of £170,000 through the placing of 1,700,000,000 new ordinary shares. PhotonStar has already met with a number of promising potential acquisition targets and, whilst no guarantees can ever be made to the execution of a successful reverse takeover, it is the Board's intent to identify and execute a reverse takeover in all prudent haste. The net proceeds of the Placing and the subscription of the Director Subscription Shares will be used to enable due diligence on its acquisition targets.