GSTechnologies Ltd - Milton Keynes, England-based fintech and information technology company - Successfully raises GBP1.3 million in a share placing and subscription. GSTechnologies raised the proceeds through a placing of 40.5 million shares and a subscription for 23.1 million shares at a price of 2.10 pence each. The funds raised would mainly be used to "accelerate the implementation of the group's strategy", specifically covering planned sales and marketing costs, and the development costs of its Wise MPay technology, including for the acquisition of Angra Ltd, which remains subject to FCA approval.
GST Chair Tone Goh comments: "I am pleased that we are able to announce this successful fundraising, again at a higher price than our previous raise, to provide further funds for our development.
Current stock price: 2.10 pence, down 4.6% Tuesday
12-month change: up sharply from 0.14p
By Will Paige; willpaige@alliancenews.com
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Gstechnologies (GST)