IMMO.L Share News (IMMO)

(Sharecast News) - Immotion has agreed to raise £300,000 from one of its investors in a transaction that values the shares at 15% more than Thursday's closing price.
The virtual reality company said the institutional investor approached it and would buy 6m new shares for 5p each. The shares are scheduled to start trading on 31 March.

The AIM-listed company's shares rose 6.4% to 4.63p at 12:00 GMT. The shares have almost doubled from 2.4p in the past year.

"Immotion ... is pleased to announce that following an approach from one of its existing institutional investors, it has entered into a subscription agreement to raise a total of £300,000," the company said.

After the new shares are admitted to trading the company will have 415,538,083 shares in issue.