31st Mar 2014 14:25
LONDON (Alliance News) - CloudTag Inc Monday said it has raised GBP450,000 before expenses though a placing, money it will use for business development and working capital.
In a statement, the company said it had placed 5.6 million shares at 8 pence each with certain existing investors.
Each placing share also has a warrant attached to it which entitles the subscriber to subscribe for one new share at 8 pence a share, vesting immediately after completion of the placing and expiring on the third anniversary of vesting.
The placing and warrants need shareholder approval at the company annual general meeting on April 23.
"'CloudTag has several exciting new product launches planned in both quarter two and quarter three of this year and the placing allows us to further develop and enhance our current offering," Chief Executive Andy Jackson said in a statement.
"Our 'app' launch in quarter two will now be supported by enhanced marketing and sales activity as well as additional cutting edge 'premium content' through our sports and fitness partners," he added.
CloudTag shares were down 7.9% at 6.45 pence in London Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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