Phorm raises £15m

Phorm, the controversial internet ad monitor specialist, is to raise £15m through a placing of new shares at 450p.The firm intends to use the cash to continue the implementation of its service in the UK and Korean markets, and for general working capital purposes. The placing amounts to just over 19% of the shares currently in issue."We are pleased that both existing shareholders as well as a number of equally well-respected financial institutions not previously shareholders in Phorm have participated in this capital raise. With the addition of these new funds, we are well positioned to deliver strong growth as we engage with ISPs across the globe with a view to deployment in multiple markets," chief executive Kent Ertugrul said.