LONDON (Alliance News) - Catenae Innovation PLC said Wednesday it raised GBP575,000 through the placing and subscription of 575.0 million new shares.
The price for the placing shares was 0.10 pence. Shares in Catenae Innovation were untraded Wednesday but last closed at 0.10 pence each. Prior to the placing, the company had a market capitalisation of GBP2.58 million.
"We are pleased to receive this additional support at an important time for the company's development strategy and Catenae will invest a substantial proportion of the placing funds in sales and marketing initiatives to help secure existing opportunities and develop the sales pipeline," said Chief Executive Tony Sanders.
Sanders, Director Guy Meyer, Chief Technology Officer Alan Simpson and Chief Financial Officer John Farthing all participated in the placing.
Sanders subscribed for 75.0 million shares, taking his holding to 107.3 million. Meyer subscribed for 15.0 million, taking his holding to 110.5 million.
CTO Simpson and CFO Farthing both acquired 10.0 million shares taking their respective holdings to 26.7 million and 18.3 million.
The digital media operator also is issuing one warrant for every placing share issued, at an exercise price of 0.125p which may be exercised up to three years from the date of issue. The warrant holder will be entitled to receive a further warrant exercisable at 0.15p if they exercise the original warrant.
Catenae also has hired Turner Pope Investment Ltd as its joint broker, with immediate effect. Turner Pope Investments undertook the placing and will receive it broking fee in shares, which will result in a further 20.0 million share being issued by Catenae.
Application will be made for the 595.0 million new shares to be admitted on AIM on March 5. Catenae will have 3.17 billion shares in issue following admission.