LONDON (Alliance News) - Albert Technologies said on Thursday it intends to raise up to GBP13.6 million through a placing of 36.8 million shares at a price of 37 pence per share.
Shares in the software company were up 4.0% at 39.00p on Thursday.
In addition, Albert Tech said it intends appoint Non-Executive Director Lisa Gordon as chairman with effect from the company's annual general meeting on June 22.
Gordon has been part of Albert Tech for three years since 2015, and is also currently a non-executive director at foreign exchange service provider Alpha FX Group PLC having been at the firm since February 2017.
Proceeds will go towards expanding Albert's direct sales and marketing activities to facilitate growth in its client numbers, developing the company's reach through distribution partnerships and agreement with media agencies, and investment in Albert Tech itself, in people, processes and infrastructure.
The placing price reflects a discount of 1.3% to the closing price on Wednesday, at 37.50p.
The placing will be conducted an accelerated bookbuild of which Cantor Fitzgerald Europe is acting as sole bookrunner.