Suspended Phorm raises fresh capital through note issue

(ShareCast News) - Advertising technology company Phorm had £350,000 more cash in its pocket on Wednesday, after issuing convertible loan notes in the amount to existing shareholder Michael Bigger.In accordance with the terms of the convertible loan note instrument, interest would accrue on the unsecured loan notes at a rate of 12% per annum.Phorm said it intended to use the net proceeds for immediate working capital purposes, and was looking to raise additional equity or debt finance in the near-term to fund its ongoing working capital requirements.It said it remained in advanced discussions with certain shareholders and other parties regarding potential funding, which was required to be secured before the company could seek for the suspension of its ordinary shares from trading on AIM to be lifted.