(Alliance News) - Aferian PLC on Monday said it intends to raise USD4.0 million via a placing of shares representing 30% of its issued share capital.
The Cambridge, England-based business-to-business company providing video streaming solutions said the placing proceeds will be used as general working capital, and replace the need for further drawdown from its loan from Kestrel, of which GBP2.1 million is committed but undrawn.
The shares will be placed at 12.0 pence per share. Aferian shares rose 0.3% to 10.03p each on Monday afternoon in London.
Chief Executive Donald McGarva said: "We continue to make demonstrable progress in our strategy to shape Aferian into a higher visibility, higher quality revenue-generating business. This progress comes from continued, focused execution against our plans to drive software and services growth in the fast-growing streaming market served by 24i and to concentrate on higher quality, higher margin streaming and device management opportunities in Amino."
"Our intention through this proposed placing is to ensure we have access to appropriate, diverse pools of working capital to fuel our ambition."
By Harvey Dorset, Alliance News reporter
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Aferian (AFRN)