LONDON (Alliance News) - 365 Agile Group PLC started trading in London on Friday following the reverse takeover of Iafyds PLC, while Australia-listed Agile Minerals Ltd is set to float shares on AIM in September.
AIM-listed investment company Iafyds agreed the reverse takeover of software company 365 Agile earlier this month for GBP8.5 million, which the company has funded by issuing shares and launching a GBP2.2 million placing.
365 Agile on Friday confirmed it had raised GBP2.2 million upon admission, issuing around 3.0 million shares at 75 pence per share. Early Friday, shares in the company were up 2.7% to 77.00 pence.
"Joining AIM is a big step in developing the potential of our technology; the enhanced profile and additional capital will enable us to accelerate our product development and drive further growth in the company. This will assist us in increasing our presence in our current markets and will drive growth in future emerging solutions," said Jonathan Holyhead, 365 Agile's chief executive.
Iafyds used to be known as Vphase and was a developer of energy savings products. However, it got into financial difficulty and went into administration in September 2013. In April, it had warned that the listing of its shares on AIM would be cancelled on earlier this month if did not find a suitable investment.
Iafyds also said earlier this month it made a GBP33,000 loss in the six months to the end of June, compared with GBP29,000 in the corresponding half the prior year.
Elsewhere, Harvest Minerals said it intends to float 442.7 million existing shares on AIM, though it said it will raise no capital upon admission. Its market capitalisation after the issue, due to take place by September 7, will be around GBP3 million it said.
Harvest is an Australia-listed mining company with potash and phosphate exploration and development projects based in Brazil. It currently has three key projects on its books - the Sergi potash project, the Capela potash project and the Arapua fertiliser project.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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