15th Oct 2015 09:42
LONDON (Alliance News) - Arria NLG PLC, a software development business, on Thursday said it has agreed a fundraising with investment firm Lanstead Capital LP.
Lanstead has conditionally subscribed for 18.8 million shares in Arria at 32 pence per share. Shares in Arria were up 2.9% at 35.00 pence on Thursday morning.
Arria will receive 15% of the GBP6.0 million fundraising. The remainder is subject to two sharing agreements with Lanstead.
The sharing agreements entitle Arria to receive the remaining funds over the course of 18 months, with the total amount subject to move up or down depending on the company's share price.
"It is the company's intention to use the total proceeds from the subscription and the sharing agreements in the company's continuing operations, including for general working capital requirements. The funding will assist the company's plans for future product releases and its growing sales efforts in the United States," Arria said.
By Samuel Agini; [email protected]; @samuelagini
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