(Alliance News) - Digital music solutions provider 7digital Group PLC on Thursday confirmed that its second stage financing plans were well underway and the company will confirm the fundraising in the near term.
"Upon completion of the fundraising, the board believes that the company's funding position should be secured, positioning it well to execute on our stated strategy to lead the company to profitability," 7digital said in its annual general meeting statement.
7digital in July said it was in final stages of securing additional GBP4.5 million from a strategic investor. In June, 7digital had raise GBP1.3 million through a 634.1 million share subscription priced at 0.2 pence per share.
Shares in 7digital were down 3.9% at 0.25 pence each on Thursday afternoon.