LONDON (Alliance News) - Ubisense Group PLC said Friday it has raised GBP10 million to strengthen its balance sheet through the placing of 11.1 million new shares at 90 pence each.
Shares in the location intelligence solutions company closed up 2.7% at 95.00 pence Friday.
This represents a 31% share in the company's enlarged share capital.
Ubisense said it plans to use the funds to pay down its existing working capital facilities and strengthen its financial position. Numis Securities Ltd acted as sole book-runner and nominated adviser in the placing.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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