Forbidden Technologies To Raise GBP5.8 Million Through Placing (ALLISS)

LONDON (Alliance News) - Forbidden Technologies PLC said Monday it plans to raise GBP5.8 million through a share placing in two tranches.

Shares were trading down 6% at 5.08 pence each.

The cloud video platform technology developer placed 115.0 million new shares at 5 pence per share. The price represents a 7.4% discount on the closing price on June 1 at 5.4p.

The placing shares will represent approximately 39% of the enlarged share capital.

The company said the funds raised will be used to resource larger infrastructure projects, strengthen the commercial team to accelerate growth, enhance the value of the company's IP portfolio and strengthen the company's balance sheet.

The first tranche raising GBP1.6 million through the issue of 32.9 million shares has been completed. Admission to trading is expected on June 7.

The second tranche of the placing, to raise a total GBP4.1 million by the issue of 82.1 million shares is conditional upon the passing of the resolution to be put to shareholders general meeting.

Forbidden