1st Sep 2014 08:19
LONDON (Alliance News) - Artilium PLC said Monday that it has raised around GBP500,000 through a share subscription at a price of 5.5 pence each for 9.1 million new shares with existing shareholders and directors.
Shares in Artilium were trading down 4.4% at 5.50 pence Monday morning.
The communications technology developer said it will use the proceeds to invest in marketing, sales and international distribution channels, as well as for working capital.
"Our intention is to market to major telecoms providers internationally where we see opportunities for Artilium's advanced Cloud product suite (Platform As A Service), yielding the ARTA platform's scalability, flexibility and proven stability," said Chief Executive Bart Weijermars in a statement.
Artilium said it is making progress in recruiting two new independent non-executive directors.
Chairman Jan-Paul Menke and Weijermars subscribed for shares in the fund raising. The transactions were as follows:
Director | Subscription Shares subscribed for | Ordinary Shares in the Company held following the Subscription | Percentage of total voting rights in the Company following the Subscription |
Jan-Paul Menke (Chairman) | 909,091 | 3,209,091 | 1.41 |
Bart Weijermars (CEO) | 363,633 | 363,633 | 0.16 |
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Related Shares:
ARTA.L