5th Aug 2022 11:05
(Alliance News) - Cornerstone FS PLC on Friday said it raised a total of GBP1.1 million through a share placing and the issue of a convertible loan note.
The cloud-based payment provider raised GBP860,000 through the placing of 13.2 million shares at price of 6.5 pence per share, and a further GBP225,000 through the issue of an unsecured convertible loan note.
The placing price represents a 31% discount from Cornerstone's closing price of 8.50p on Thursday. The loan note has a term of two years and does not bear interest.
"We are pleased to have successfully raised GBP1.085 million in this fundraising which will provide additional working capital for the group... Moving forward we remain focused on executing upon our strategy and generating value for shareholders," said Chair Elliott Mannis.
Shares in Cornerstone were down 7.4% at 7.88 pence on Friday in London.
By Heather Rydings; [email protected]
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