Pelatro PLC - London-based marketing software specialist - Announces conditional placing to raise GBP2.2 million through the issue of 5.4 million shares at a price of 40 pence each, run by broker Cenkos Securities.
Also intends to raise additional capital through the PrimaryBid retail offer, which will remain open until 1200 BST on Wednesday.
Proceeds from the raise will go towards sales and marketing, as well as strengthening the company's balance sheet, including the repayment of debt.
Fundraise is conditional on shareholder approval at general meeting on July 1.
"We are delighted at the support we have received from new and existing shareholders. We see great opportunity to build our business in the mobile advertising space and are excited by the commercial opportunities which lie ahead," says Chair Richard Day.
Current stock price: 52.33 pence
Year-to-date change: up 38%
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.