(Sharecast News) - Specialist internet-of-things technology investor Tern announced on Friday that it hs raised £0.42m before expenses, to invest in Wyld Networks.
The AIM-traded firm said the funding was secured by placing 17.5 million new shares, priced at 2.4p each.
On completion, the placing shares would constitute 4.1% of the company's enlarged issued share capital.
The issue price represented a discount of about 30.4% to the mid-market closing price of 3.45p per share on 11 April.
Tern said the net proceeds would primarily be used to invest in Wyld Networks, through the exercise of warrants held by the company.
They would also support further investments in one or more of Tern's portfolio companies, and cater to general corporate purposes.
At 1304 BST, shares in Tern were down 24.2% at 2.62p.
Reporting by Josh White for Sharecast.com.
Tern (TERN)