26th Jul 2018 12:14
LONDON (Alliance News) - 1Spatial PLC, a geospatial software and solutions company, said Thursday that it will raise up to GBP8 million selling new shares via an accelerated bookbuild process.
The company also proposed a share consolidation such that every 10 existing ordinary shares are consolidated into 1 new ordinary share.
The share placing will be conducted at a price equivalent to 3.75 pence per share. Shares in the company were trading 0.5% lower at 3.98p per share on Thursday afternoon.
Proceeds from the placing will be invested by the company into customer acquisition, repayment of its overdraft facility, working capital purposes, and for further development of the company's technology.
"The company continues to trade in-line with market and board expectations and is delighted to confirm that it has been awarded a number of contracts to provide its data management solutions to a UK infrastructure provider, in addition to seeing a number of significant potential opportunities, demonstrating continued success on the company's strategy," said Non-Executive Chairman Andy Roberts.
"Today's placing provides the company with the resource to accelerate its objectives and will maximise the potential value of our cutting edge, patented technology with market-leading intellectual property," Roberts added.
The share placing is being managed by Nplus1 Singer Advisory LLP, acting as sole book runner.
Related Shares:
1Spatial Holdings