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LONDON (Alliance News) - 1Spatial PLC, a geospatial software and solutions company, said Thursday it has raised GBP8 million by selling new shares via an accelerated bookbuild process.
The company also proposed a share consolidation such that every 10 existing ordinary shares are consolidated into 1 new ordinary share.
763.7 million shares were consolidated into 76.4 million shares, and then 22.7 million new shares were issued at a price equivalent to 3.75 pence per share. Shares in the company closed 0.4% lower at 3.98p per share on Thursday afternoon.
Proceeds from the placing will be invested by the company into customer acquisition, repayment of its overdraft facility, working capital purposes, and for further development of the company's technology.
"The company continues to trade in-line with market and board expectations and is delighted to confirm that it has been awarded a number of contracts to provide its data management solutions to a UK infrastructure provider, in addition to seeing a number of significant potential opportunities, demonstrating continued success on the company's strategy," said Non-Executive Chairman Andy Roberts.
"Today's placing provides the company with the resource to accelerate its objectives and will maximise the potential value of our cutting edge, patented technology with market-leading intellectual property," Roberts added.
The share placing was managed by Nplus1 Singer Advisory LLP, acting as sole book runner.
1Spatial now has 99.0 million shares issued overall.
