LONDON (Alliance News) - Catenae Innovation PLC said Thursday it agreed to issue 500 million shares at 0.12 pence each to raise new capital and settle creditor debts.
Catenae shares were trading up 33% at 0.10p, on Thursday.
The digital media provider said it will raise GBP524,945 via the issue of 437.5 million shares in a subscription.
Furthermore, Catenae said it will also issue 62.5 million shares to settle an existing creditor balance of GBP75,055.
Of the 437.5 million subscription shares, an institutional investor has subscribed for 300 million shares while certain directors of the company taking up 120.8 million shares. The remaining 33.3 million shares were subscribed by new and existing shareholders.
Business Development Director Edward Meyer subscribed for 83.3 million shares, raising its stake to 95.5 million shares.
Chief Executive Officer Anthony Sanders took up 4.1 million shares taking its interest to 32.3 million shares and Chief Technology Officer Alan Simpson subscribed for 16.7 million shares, which represent its total holding in the firm.
The company expects admission of the new shares to trading on November 7, following which it will have 2.58 billion shares in issue.