GSTechnologies raises GBP750,000 for GS Money strategy

(Alliance News) - GSTechnologies Ltd on Wednesday said it has raised GBP750,000 through a placing of 75.0 million shares at a price of 1.0 pence each.

This represents a discount of 26% on the closing price of 1.35p on Tuesday. Shares in the Milton Keynes, England-based information technology solutions company were down 15% to 1.15p each in London on Wednesday afternoon.

The fresh cash will be used to accelerate the implementation of the company's GS Money strategy, including potentially an acquisition, it said.

By Sophie Rose, Alliance News reporter

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