24th Jul 2019 13:35
(Alliance News) - Grafenia PLC on Wednesday said it has raised GBP4.0 million through a share placing for further acquisitions and investments.
The printing company said it issued 28.7 million shares at a price of 14 pence each.
Grafenia shares were untraded on Wednesday in London, last closing at 13.00p each, giving it a market capitalisation of GBP11.4 million.
The AIM-listed company said the net proceeds of the placing are intended to be used to fund further acquisitions as well as to invest in acquiring Nettl partners and franchisees, domestically and internationally.
Nettl web studios help local businesses with their next website or web shop.
"This capital raise enables us to continue executing the next part of our transformation plan," explained Chief Executive Peter Gunning.
"After testing the waters in 2017, we gained more confidence during the last year in growing our Nettl partner base organically and by acquiring sign businesses. In 2019 and beyond, we will continue to scale in the UK and overseas," added Chair Jan Mohr.
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GRA.L