Imaginatik places over two billion shares to provide working capital

Imaginatik shares plunged over 40 per cent on Friday after the technology company announced plans to place just over two billion ordinary shares with both new and existing investors at 0.0625p each. The placing is expected to raise £1.26m before expenses, which will be used to provide additional working capital to fund the development of the group's business.Additional, some of the group's directors have committed to swapping a proportion of their salary for equity to subscribe for up to 262.5m new shares at the placing price, raising a further £164,000. Matt Cooper, Executive Chairman of Imaginatik, said: "We have been delighted by the strong support shown by existing and new investors. These funds will enable Imaginatik to continue to develop its innovation offering while remaining a public company on AIM. "We believe that with innovation and enterprise-wide collaboration now moving into the mainstream our unique consultancy-led business model means our market opportunity is considerable and we therefore look to the future with optimism."The share price declined 42.11% to 0.11p by midday Friday.NR