(Alliance News) - Remote Monitored Systems PLC on Friday said it has completed a share placing, raising GBP250,000 to support the continuing growth of GyroMetric.
In addition, the inspection and monitoring company said it intends to use the proceeds to develop the new Intelligence & Security division, to settle creditors and provide working capital.
Remote Monitored Systems said it issued 62.5 million shares at a price of 0.4 pence each, representing a discount of 27% to the closing mid-market price on Thursday.
On Friday, the stock was trading 15% lower in London at 0.47p a share.
The company said several directors participated in the fundraising, with Trevor Brown subscribing for 16.1 million, worth GBP64,250. Following the issue of shares he will hold 22% stake in the company.
Non-Executive Director Paul Ryan subscribed for 12.1 million shares, totalling GBP48,250. He will hold a 9.1% stake in the company upon admission of shares.
Overall, following the placing, Remote Monitored Systems has 492.2 million shares.
"The funds raised will be utilised to promote the continuing growth of GyroMetric and to develop the new Intelligence and Security division, working with the established Cloudveil team. The significant participation of the board in the fundraise confirms our confidence in the future," said Chief Executive Trevor Brown.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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