Shares in the cyber security software provider were untraded on Tuesday, last quoted at
The placing is conditional on the approval of shareholders at Osirium's next general meeting on March 23, and will be conducted by Stifel Nicolaus Europe Ltd.
Proceeds will go towards scaling the company's business into the market for privileged access management, investment in sales, marketing and product development, expanding the size of its engineering and research & development teams in 2018, and provide working capital.
The placing shares will represent 23% of the company's enlarged share capital, and the price reflects a discount of 5.0% to the closing price on Monday of
Chairman Simon Lee has agreed to subscribe for 14,925 shares to raise an additional
In addition, Osirium said that trading has continued to improve year-on-year, with bookings for 2017 to be in line with market expectations.
"We are building an increasingly strong pipeline of opportunities and the funds raised will help support our sales ambitions and provide the group with the necessary working capital for its growth plans. This is an exciting time for the company and the board is committed to ensuring momentum continues and is optimised as we look to move towards profitability and cash generation," said Chief Executive Officer David Guyatt.
Osirium Tech (OSI)