(Alliance News) - Tekcapital PLC on Thursday said it has raised GBP2.0 million through a placing and subscription of shares.
The London-based intellectual property investor said it has raised GBP2.0 million through a placing of 16.8 million shares priced at 10 pence each, together with a subscription of 3.1 million shares at the same price.
Shares in Tekcapital were down 9.2% to 9.99p each in London on Thursday afternoon. The company has a market cap of GBP17.8 million.
The funds will be used for various activities. It said GBP300,000 to complete the build-out and commercial deployment of Guident Ltd's new Remote Monitor and Control Centre; GBP500,000 for investment into Generative AI portfolio company opportunity, some will be used to repay a GBP600,000 loan; and the remainder of the funds raised will primarily be for additional working capital.
Chair Clifford Gross said: "We are pleased to consummate this funding round which will enable us to strengthen our balance sheet, complete the build-out of Guident's new RMCC to facilitate servicing its growing client base, and form a fifth portfolio company in the Generative AI space."
By Sophie Rose, Alliance News senior reporter
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TekCapital (TEK)