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(Alliance News) - Corero Network Security PLC on Monday said it will raise GBP3.3 million in gross proceeds via a share placing and subscription agreement.
The network security company plans to use the proceeds to support sales, marketing and development activities of its SmartWall suite of threat detection products in the US and Europe. Proceeds will also be used for general capital requirements of the company.
Corero Network has raised up to GBP950,000 in gross proceeds via placing up to 27.3 million shares at 3.5 pence per share. It further has intends to raise GBP2.3 million through a subscription agreement for up to 65.6 million shares at the same 3.5p price.
Corero Network shares were up 4.8% at 3.30p each in London on Monday afternoon.
The company's Chair Jens Montanana has subscribed 32.9 million shares, while Non-executive Director Richard Last subscribed 500,000 shares. Following the subscription, Montanana will have a 37.9% stake in Corero, while Last will own 0.5% of the company's share capital.
By Tapan Panchal; tapanpanchal@alliancenews.com
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