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(Alliance News) - Osirium Technologies PLC on Tuesday said is has successfully raised GBP4.8 million from a placing, loan note issue, and subscription.
Shares in Osirium were up 4.4% at 36.00 pence in London in midday trading.
The cloud-based cybersecurity software firm announced the fundraise on Monday, when it stated it planned to raise around GBP4 million.
Osirium has conducted a 1.4 million share subscription at 35 pence per share which raise around GBP494,500. This exceeds the planned issue of 1.2 million subscription shares to raise approximately GBP423,500.
It has also undertaken a 4.5 million share placing at the same 35p price to raise approximately GBP1.6 million. This took place via an accelerated bookbuild, with Stifel Nicolaus Europe Ltd as bookrunner.
Moreover, Osirium is to issue GBP2.7 million of convertible unsecured 7.5% notes, which are due 2024. The exact amounts to be raised via the placing and note issue were not disclosed on Monday.
Once the placing and subscription shares are admitted, Osirium will have 19.5 million shares in issue.
Chief Executive David Guyatt said: "We would like to thank both new and existing shareholders for their support. Furthermore, the substantial participation in the fundraise by our employees demonstrates the commitment our team has in the business, the excitement for the massive opportunity ahead of us and a firm belief in our ability to execute.
"The funds raised will ensure the group is well resourced as the business expands and further supports the acceleration of the group's growth strategy. The strategy we have in place continues to gain traction, evidenced by strong growth in bookings, which for the year ending 31 December 2019 are expected to be materially ahead of the prior period. The board remains very confident in the group's prospects and believes Osirium has a unique proposition and is well placed to prosper as cybersecurity remains a key priority for corporates globally."
By Anna Farley; annafarley@alliancenews.com
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