LONDON (Alliance News) - Imaginatik PLC on Wednesday said it will raise GBP2.1 million through a placing and open offer of shares to boost its finances and back its growth plans.
The software and consultancy services company said it will issue 63.3 million shares through a placing and up to 21.3 million via an open offer to raise the funds, all at 2.5 pence per share.
Imaginatik shares were down 11% to 2.78p Wednesday.
The proceeds will be used to strengthen the company's balance sheet and fund business development investments, it said.
"These funds will enable Imaginatik to capitalise on the growth achieved in the last financial year and the underlying progress within the business. We have built a strong offering and are now recognised as leaders in the growing international innovation industry," said Chairman Matt Cooper.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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