4th Apr 2019 13:19
(Correcting the spelling of Keith Todd's name.)
LONDON (Alliance News) - KRM22 PLC on Wednesday said it raised GBP1.8 million though a share placing and subscription for the general working capital requirements.
The technology and software investment company issued 1.6 million shares at a price of 85 pence each. The placing price represents a discount of 3.4% to the closing mid-market price on Monday.
KRM22 shares were untraded on Wednesday, last closing at 88p each, giving the company a market capitalisation of GBP14.4 million. The stock was down 2.3% on Thursday at 86.00p.
finnCap Ltd acted as nominated adviser, broker and sole bookrunner in connection with the placing.
KRM22 said it continues to execute on its business plan and recently launched its Enterprise Risk Cockpit. The company also remains in discussions with a pipeline of numerous investment targets and partnerships to deliver applications on its global risk platform.
KRM said it had identified three acquisition targets that it was actively pursuing, however, the funding required to conclude these acquisitions has not been secured at this time. Subject to securing the debt finance, the company said it intends to continue to pursue two of the three acquisition targets.
"The past months have validated the KRM22 business proposition and we are well placed to continue our development and growth supported by this fund raising," said Executive Chair & Chief Executive Keith Todd.
Related Shares:
Krm22 Plc