LONDON (Alliance News) - Cloud and mobile investment company Tern PLC on Tuesday said it has raised funds to provide additional capital for its existing portfolio of investments.
Tern said it has raised GBP525,000 through the placing of 6.6 million shares at 8 pence each. Shares in Tern were trading down 11% at 8.00 pence on Tuesday morning.
The proceeds will be used to provide additional finance to develop the business of existing portfolio companies, Tern said.
"Device Authority is trading to budget and making considerable progress in its marketplace. Additionally, the newly acquired businesses have generated several new commercial opportunities in the past three weeks. Further announcements will be made in due course," Executive Chairman Angus Forrest said in statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Tern (TERN)