LONDON (Alliance News) - Only hours after stating it was considering the move, Imaginatik PLC Tuesday confirmed it will aim to raise around GBP2.0 million from the equity market after reciveing a good level of interest from new and existing shareholders.
Imaginatik released a statement earlier Tuesday responding to press speculation that it was thinking about conducting a fundraising, and said it was "considering" raising funds from the equity market to provide working capital and money for expansion activities.
But Imaginatik said hours later that it now aims to raise GBP2.0 million from the equity market, a quarter of which is "likely" to be structured to allow "some" pro-rata participation by existing shareholders.
Imaginatik said it has now made a final decision on price, but said discussions with certain investors "envisaged" a price of 2.5 pence per share - a 37.5% discount to the company;s closing share price on Monday.
Imaginatik shares were trading down 9.1% to 3.75 pence per share on Tuesday afternoon.
"The timing of any fundraising has yet to be confirmed but an update is likely to be provided within a week. As set out in the earlier announcement, investors should note that there can be no certainty a fundraising will be completed," said the company.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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