(Alliance News) - BrandShield Systems PLC on Tuesday said it raised GBP1.8 million to help maintain revenue growth and achieve profitability.
London-based BrandShield Systems is a provider of cybersecurity solutions for digital risk protection.
The company placed 27.6 million new shares at 6 pence to raise the gross proceeds. Another 1.6 million shares were subscribed directly from the company. The new share represent 17% of the total following the fundraise.
BrandShield shares were down 1.6% to 6.15p on Tuesday afternoon in London. The stock is down 65% over the past 12 months.
The placing was run by Shore Capital as sole bookrunner. The new shares represent
BrandShield said major shareholder William Currie Investments Ltd, a Liverpool-based investment firm, has taken 3.7 million of the new shares. William Curie already had held 15.3 million shares in BrandShield, representing a 10.8% stake.
The fundraise was first announced late Monday. At the time, Brandshield said the money will be used to maintain growth in annual recurring revenue that is expected to take the company into profitability.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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