FFWD.L Share News (FFWD)

(Sharecast News) - FastForward Innovations has agreed to place 30,769,230 new ordinary shares at a price of 13p each with a number of new and existing investors, it announced on Friday, raising gross proceeds of £4m before expenses.The AIM-traded firm said the placing price represented a premium of about 27.7% to its most recently published net asset value per share of 10.18p.It said the placing ws being done through its brokers, as well as through a direct subscription by the firm.The net proceeds would be used to repay the director's loan announced on 23 July, assist the company in making investments in accordance with its investing policy, and for general working capital purposes.FastForward's board said it was reviewing its options to allow shareholders the ability to subscribe for new ordinary shares on the same terms as the placing, and expected to update investors on that shortly."The placing funds allow the company to take advantage of potential opportunities for new and follow on investments," said chief executive officer Lorne Abony."I am pleased to see the support the board and existing significant shareholders have provided and see this as a vote of confidence in what we are building."Abony said it was "disappointing" that the share price did not pick up after the firm's recent newsflow, and that the round of funding was at 13p."For this reason, the board is committed to providing an opportunity for existing shareholders to also participate on the same terms."The intention had been to complete the placing at a higher price but the share price did not react as expected after the Vogogo, Leap, Intensity and Factom investments, which the board maintain are excellent investment opportunities."Similarly, whilst the pricing of the deal was disappointing for all concerned, the company thanks investors for their support and will continue to pursue best in class investment opportunities inline with its investing policy, including within the blockchain, medical cannabis and artificial intelligence sectors which the board believes offers the highest growth potential at present."