(Alliance News) - Electric Guitar PLC on Monday said it raised GBP1.3 million as part of its reverse takeover and relisting on the AIM market in London.
Last week, Reading, England-based Electric Guitar said it planned to de-list from the London Main Market and relist on AIM, as part of the reverse takeover of Bristol-based 3radical Ltd.
Electric Guitar is a special purpose acquisition company focused on the digital marketing and advertising industry. 3radical has developed a software-as-a-service marketing platform called 3radical Voco. Electric Guitar explained that Voco "enables organisations to engage individuals and request their data directly using progressive and interactive digital experiences".
Electric Guitar will buy 3radical for GBP1.3 million in shares, issuing 61.2 million for this.
It also has raised an GBP1.3 million before expenses in cash from the issue of additional new shares at 2.1 pence per share. Another GBP880,000 in costs and liabilities will be satisfied directly from the issue of new shares at the same price.
Based on the issue price of 2.1p, Electric Guitar will have a market capitalisation of GBP4.7 million when it starts trading on AIM, expected to be on May 3, after a general meeting of shareholders on May 1. In the meantime, its shares are suspended from trading on the London Main Market.
By Tom Waite, Alliance News editor
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Electric Guitar (ELEG)