(Alliance News) - Shares in Clear Leisure shot up on Thursday morning after the company said it raised GBP680,000 through the placing of 113.3 million shares at 0.60 pence each.
Shares in the technology sector-focused investment company were trading 82% higher at 1.25 pence each on Thursday morning in London, giving it a market capitalisation of GBP8.5 million.
Clear Leisure said the new cash will be used for working capital and for "selective" further investments in its portfolio of technology businesses.
Executive Chair & Chief Executive Francesco Gardin said: "This round of financing which will provide the company with the funds needed to substantially increase the necessary and material computing power in our crypto currencies data centre, to make it a competitive business, once relocated.
"The second use of the funds is to complete the preparatory work for the launch of the company's EIS Investment Fund. Finally, it also gives us sufficient resources to support our current investment portfolio, if and when required, as well as looking at new and exciting technology opportunities."
Following admission of the new shares, Clear Leisure will have 775.7 million shares in issue.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
