(Alliance News) - Location Sciences Group PLC on Friday said it raised GBP600,000 through a share placing for working capital financing.
The software firm said it has successfully placed 27.2 million shares at a price of 2.25 pence each, through an accelerated bookbuild process. The placing was priced at a 17% discount to its 2.80p closing price on Wednesday.
The stock was trading 2.1% lower at 2.30p each in London on Friday afternoom.
Location Sciences on Thursday said it planned to raise a minimum of GBP250,000 and up to GBP750,000 before expenses, by issuing up to 33.3 million shares.
The company explained: "While the company confirms that following completion of the placing it will have sufficient working capital for its medium term operational requirements, it will require further investment in due course. Should the placing not be successful, the company will seek alternative sources of funding and, if required, implement further cost control measures."
By Eric Cunha; ericcunha@alliancenews.com
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