10th Jun 2014 09:58
LONDON (Alliance News) - Blur Group PLC Tuesday said it raised USD2 million in an oversubscribed open offer of shares, funds it said it will use to drive future growth in the business.
Blur Group operates a cloud-based platform called the Global Services Exchange, on which buyers can submit briefs for a range of professional and business services.
In a statement last month, Blur said it had conditionally raised approximately USD20.0 million before expenses through the issue of 15.9 million shares by way of a placing at 75 pence per share with institutional investors.
The company said it would use the proceeds of the placing to accelerate growth through investment in sales, technology and marketing, as well as to strengthen its balance sheet. Within sales, it said investment will be made in international expansion, with the addition of Asia Pacific and European sales teams.
Blur also said at the time that it was looking to raise up to a further USD2.0 million through the issue of up to 1.9 million shares via an open offer at the same price, on the basis of three open offer shares for every 56 existing ordinary shares, proceeds it said it will use for general working capital purposes.
Blur said Tuesday that it raised the USD2.0 million through the open offer, after shareholders took up all of the 2.6 million shares on offer, with the shares 67% over subscribed.
The amount of gross proceeds raised from its recent share placing and open offer total USD22.0 million.
"These additional funds will provide further working capital to support blur Group in its next stage of growth," said Chief Exeucitve Philip Letts in a statement.
Blue shares were down 1.0% at 89.08 pence Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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