LONDON (Alliance News) - Bidstack PLC said Tuesday it has raised GBP5 million through the discounted placing of 40 million shares.
The in-game advertising firm raised the funds from institutional and other investors by issuing 40 million shares at 12.5 pence each. Following admission - expected next Tuesday - Bidstack will have 240.3 million shares outstanding.
Shares in Bidstack were 8.1% lower at 14.14p on Tuesday.
The placing follows the firm confirming in late April that it was considering a placing.
As part of the share issue, Bidstack Chair Donald Stewart acquired 160,000 shares and Finance Director John McIntosh bought 200,000 shares. Following the placing, Stewart held 1.1 million shares and McIntosh 200,000 shares.
"The business is now entering a period of accelerated commercial and technical growth," Bidstack Chief Executive James Draper said. "I am pleased that the placing gives us the financial resources to capitalise on our strong current position."
"I believe this will lead to an exciting period for those in and around the business and I look forward to sharing further information on significant team and commercial developments when I can," Draper added. "We're delighted with progress to date."
