LONDON (Alliance News) - Bango PLC, the mobile payments company, Monday revealed a firm placing, placing and open offer to raise up to GBP6.0 million before expenses in order to strengthen its balance sheet, give it increased resources, and maintain research and development expenditure.
Bango provides mobile operator billing to mobile App stores, enabling smartphone users to make purchases for apps, games or content without the need to own or register a credit card for payment.
In a statement, Bango said it is looking to issue 4.2 million new shares through a firm placing and 2.1 million new shares through the placing and open offer, both at 96 pence per share.
Chief Executive Ray Anderson said the fundraising builds on a period of operational progress for Bango. It comes after the company last week reported a 63% increase in first-half end user spend to GBP10.7 million.
"It enables Bango to maintain the independence of its platform, and allows Bango to capitalise on the pipeline of existing and future strategic relationships to their full potential whilst maintaining high levels of technological innovation and customer service," Anderson said in a statement.
The fundraising is conditional on shareholder approval.
Cenkos Securities PLC is handling the fundraising.
Bango shares were Monday quoted down 3.0% at 97.00 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Bango (BGO)