(Alliance News) - Online retailer MySale Group PLC's shares surged on Thursday after it said it has conditionally raised GBP1.6 million through an open offer, short of the GBP2.1 million target.
The company's stock was trading 19% higher at 2.75 pence in London on Thursday afternoon.
The firm said that it received valid applications for 79.9 million, roughly 78% of the 102.9 million shares it initially offered earlier in September.
The shares were priced at 2.00p each, and should the company have received valid applications for all 102.9 million of the offered shares, it would have raised GBP2.1 million.
The share open offer is a part of a wider fundraising effort by the company to become debt-free and refocus on the Australia and New Zealand retail marketplace.
Chief Executive Carl Jackson said: "Concentrating on Australia and New Zealand, we have scalable and proprietary technology which can effectively support our retail marketplace platform which provides a compelling sales channel for domestic and international brands, particularly through its counter-seasonal and clearance solutions.
"With a strong line-up of brand partners and a skillful and dedicated team, we believe that the future offers significant opportunities for the recapitalised group."