10th Aug 2016 07:41
LONDON (Alliance News) - CloudTag Inc on Wednesday said it has raised GBP580,000 through issuing 10.0 million shares at 5.80 pence per share, and has agreed with certain creditors to settle a total of GBP268,000 of invoices in shares.
Shares in CloudTag were down 5.5% at 5.20p on Wednesday morning.
The personal monitoring firm said it issued the shares through a subscription and said there are no commissions or expenses payable in relation to the fundraise. The proceeds will be used for general working capital purposes, CloudTag said.
CloudTag said it has also entered into agreements with "certain trade creditors" for the outstanding invoices totalling GBP268,000 in respect to professional advisory services to be settled in shares. As such, a further 4.6 million shares have been issued, also at 5.80p per share, to these creditors.
The 14.6 million shares are expected to start trading on or around next Tuesday, and will take the total number of CloudTag shares in issue to 357.5 million.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.