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(Alliance News) - Tern PLC on Wednesday said it has raised GBP400,000 through a placing of shares.
Tern is a London-based investor in early-stage 'internet of things' technology businesses.
The company said it has raised GBP400,000 through a placing of 20.0 million shares priced at 2.0 pence each.
The placing price represents a discount of 30% to the share's closing price of 2.88p on Monday.
Tern shares fell 30% to 2.00p each in London on Wednesday morning.
The placing shares will represent around 4.9% of Tern's share capital, following the fundraise.
The proceeds of the placing will be used to provide the company with funds to invest further in "one or more" of Tern's portfolio companies in the near term and for general corporate purposes.
By Sophie Rose, Alliance News senior reporter
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