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(Alliance News) - Supply@Me Capital PLC on Friday said it intends to raise GBP320,855 through an open offer, as part of its "capital enhancement plan".
Back in April, the London-based inventory monetisation platform had announced plans to raise GBP7.5 million via an equity agreement with Venus Capital SA. The funds raised were to be used to repay convertible loan notes and the balance of a loan note instrument to Mercator Capital Management Fund LP.
As part of this plan, Supply@Me on Friday announced an open offer of up to 641.7 million new shares at a price of 0.05 pence each.
Venus Capital will subscribe for any open offer shares not taken up, it added.
In other news, Supply@Me said it continues to focus on completing its first inventory monetisation transactions, through its strategic alliance with VeChain Foundation, a blockchain enterprise service provider.
Supply@Me also is scrutinizing its internal performance, and as a result its directors are reviewing the company's relationship with TradeFlow, its wholly-owned subsidiary.
"The review is aimed at maximising value creation and positioning of both TradeFlow and the company for long-term growth, in line with the applicable laws and regulations," it said.
Supply@Me added that it has not set a definitive schedule to complete this internal review and no decision on any particular transaction or alternative has been reached at this time.
Shares in Supply@Me were up 6.0% to 0.087 pence each in London on Friday morning. The stock is down 72% over the past 12 months.
By Sophie Rose; sophierose@alliancenews.com
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