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LONDON (Alliance News) - Spatial software and solutions company 1Spatial PLC Thursday said it has placed 42.4 million existing shares and issued 32 million new shares at 6 pence each to Azini Capital Partners LLP.
The company said the new shares will raise total gross proceeds of GBP1.9 million, adding that the subscription price of 6p represents a premium of 6.7% to the its mid-market closing price of 5.625p on May 6. Shares in 1Spatial were trading up 2.2% at 5.75 pence Thursday morning.
Following the transaction, Azini will hold a total of 74.4 million shares, or 10.9% of 1Spatial's share capital.
"We're extremely pleased to welcome an investor of this calibre as a shareholder; a significant vote of confidence in our evolving business model as we apply our core technology to broader markets. As a specialist technology investor, the board welcomes Azini and looks forward to the future with confidence," 1Spatial's Chief Executive Marcus Hanke said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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