The flea ridden hound stirs1 Nov 2024 22:29
Cloudified, an AIM quoted cash shell is pleased to announce that it has conditionally raised £500,000 (before expenses), through a subscription for 9,615,385 new Ordinary Shares at an issue price of 5.20 pence per new Ordinary Share. The Company intends to use the net proceeds of the Subscription, together with the Company's existing cash resources to pursue the Acquisition which will constitute a reverse takeover, pursuant to Rule 14 of the AIM Rules ("RTO").
The Company, in conjunction with Salonica Capital has identified an acquisition target in the media and entertainment sector, and indicative relative valuations between the acquisition target and the Company have been agreed. However, no formal transaction process will commence until the completion of the Subscription and, as in any transaction process, there can be no absolute certainty that it will be successfully completed.