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(Alliance News) - Remote Monitored Systems PLC on Monday said it has raised GBP265,00 through the placing of of 106 million shares at 0.25 pence each, with Braveheart Investment Group PLC buying GBP200,000 worth of the shares.
The placing price represents an 11% premium to the Friday closing price of 0.22p. Shares in the survey, inspection and monitoring company were trading 11% higher at 0.25p each on Monday morning in London, giving it a market capitalisation of GBP1.6 million.
AIM-listed Braveheart subscribed for 800,000 shares for a total of GBP200,000, taking its stake in Remote Monitored to around 28%.
London-based Remote Monitored said that in addition to the placing shares it will issue a further 7.0 million shares at the same price as the placing for the settlement of certain professional fees.
The company said the new funds will be used to support the growth of subsidiaries GyroMetric Ltd and Cloudveil Ltd as well as for working capital.
"The significant participation of Braveheart, our largest investor, will ensure that the company has sufficient funds available not only to promote the continuing growth of GyroMetric and Cloudveil, but more importantly, to pursue a number of interesting opportunities that the directors have identified," said Executive Director Trevor Brown.
Following admission of the new shares, Remote Monitored will have 774.0 million shares in issue
By Ife Taiwo; ifetaiwo@alliancenews.com.
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