LONDON (Alliance News) - Cloudcall Group PLC on Wednesday confirmed it has raised GBP2.4 million via a share placing, beating its target.
The cloud-based communication company placed 2.4 million shares at 100 pence each. The new shares represent 9.9% of the company's capital.
Cloudcall shares were trading up 3.7% at 113.50 pence each.
"I'm delighted the placing has been so successful and materially oversubscribed. Now the process is completed, I am looking forward to continuing the growth of the business from a position of greater strength," Chief Executive Simon Cleaver said.
The firm will use the placing proceeds to invest in sales and marketing to support the development of its new messaging products.
Earlier on Wednesday, Cloudcall said it was seeking to raise at least GBP2.0 million via share placing.
Arden Partners PLC acted as sole broker and sole bookrunner to the company in connection with the placing.