(Alliance News) - Catenae Innovation PLC on Friday said it is "optimistic" it will get funding of up to GBP100,000 amid fears that it may wind up should discussions fail.
Shares in the struggling media company were down 18% at 0.90 pence each, a sharp fall from its share price of 5.50p each six months ago.
Catenae said discussions to raise funds via a placing as well as discussions with creditors are underway, and believes that the financial position of the company has stabilised since December.
In December, Catenae said that due to its "limited financial resources" it was unlikely that it would be able to trade beyond the next two to three weeks should no funding be secured.
The company says that while creditors remain supportive, there is no guarantee that discussions will result in new funding being secured. In the absence of funding, it will need to consider commencing insolvency proceedings.
By Ife Taiwo; ifetaiwo@alliancenews.com
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