8th Jun 2015 06:53
LONDON (Alliance News) - Cyan Holdings PLC Monday said it had raised GBP4.1 million through a placing and subscription of 2.06 billion shares at 0.20 pence each, money it will use to fund staffing costs for projects it has won in India and for further product development work.
The fundraising needs to be approved by shareholders at a meeting that will be held on June 30.
Once the new shares are admitted to trading, Cyan will have 6.54 billion shares in issue.
"Myself and the Cyan board believe that we have now reached an inflexion point in the business following multiple commercial orders for both our smart metering and lighting solutions from customers in several emerging markets around the world. Cyan shareholders should draw particular encouragement from the recent USD3 million Letter of Intent that we received from leading meter vendor, El Sewedy," Chairman John Cronin said in a statement.
"El Sewedy have informed us that they have selected our mesh based solution for their utility customer in Ghana, subject to contract. In addition, there is an opportunity for Cyan to further develop El Sewedy as a channel into other markets, where they already have a strong presence. The fundraising proceeds will be invested in the delivery of customer projects (both already won and to be won), as well as incremental investment in extending our software solutions to add new functionality that we will license to utility customers in emerging markets around the world," he added.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Cyanconnode