24th May 2016 12:33
LONDON (Alliance News) - Cyan Holdings PLC on Tuesday confirmed it is considering its options to raise GBP12.5 million via a share placing.
Cyan said the terms of any potential placing have yet to be agreed, but the funds would be used to back a potential acquisition and for working capital.
Cyan added the potential acquisition would be deemed a substantial transaction under AIM rules.
Shares in Cyan were down 16% to 0.23 pence on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
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