LONDON (Alliance News) - Imaginatik PLC said Friday that it had conditionally raised GBP1.3 million before expenses through the placing of 1.9 billion shares at 0.07 pence each to fund its development, including more marketing activities and the hiring of a full-time chief executive officer.
The software and consulting services company said the issue price was a 12% premium to the issue price the last time it raised capital a year ago, which it said indicated the increased confidence of its investors.
The price is equal to the closing price of the company's shares Thursday. Shares in Imaginatik last traded Friday flat at 0.0725 pence.
Imaginatik said it will use the funds to continue its development and move towards reaching break-even. It will invest some of the proceeds into hiring a full-time CEO.
The company said it has already begun the search to fill the position. Once it does, Executive Chairman Matt Cooper will switch to a non-executive chairman role. Additionally, Non-Executive Director David Gammon will step down upon the completion of the placing, it said.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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