LONDON (Alliance News) - Pinnacle Technology Group PLC said Wednesday it has raised GBP4.8 million through a placing and oversubscribed open offer of shares.
The company raised an initial GBP4.55 million through the placing of 108.4 million shares at a price of 4.2 pence each, and a further GBP250,000 through an open offer of 5.9 million shares at the same price.
Shares in Pinnacle Technology were down 2.7% at 8.02 pence Wednesday morning.
This open offer received valid acceptances for 20.4 million shares, or a more than triple the number of shares available in the offer.
"We are pleased with the support shown by our shareholders through the open offer. These additional funds will provide further working capital to support Pinnacle to become the leading provider of 'IT as a service' to the UK SME market," said Executive Chairman Gavin Lyons in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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