(Alliance News) - Gaming technology firm Nektan PLC said Friday it raised GBP2.6 million through a share subscription in order to support operations through to profitability.
In mid October, Nektan launched the share subscription after it continued to be loss making despite strong revenue growth.
On Friday, Nektan confirmed it secured agreements to subscribe to 52.0 million shares at 5.00 pence per share. Shares in Nektan were untraded on Friday in London at 5.00 pence.
"The funds raised by the placing will be used to support working capital requirements of the company's operations; to allow the company to support the continued growth of its European managed gaming solutions business and the continued development of its B2B software licensing and games distribution business," Nektan said in a statement.
By Ahren Lester; ahrenlester@alliancenews.com
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