25th Mar 2019 13:48
LONDON (Alliance News) - Grafenia PLC on Monday said it has raised GBP1.1 million before expenses by way of a share subscription from existing investors.
The graphic arts company issued 7.9 million shares at a price of 13.5 pence each, representing about 20% discount to the closing mid-market price on Friday.
Shares were trading 6.7% higher on Monday at 12.00p each.
Grafenia said it intends to use funds to accelerate its growth through the acquisition and to open further Nettl Business Superstores. The company also said it continues to invest in its Production Hub at Trafford Park, Manchester.
Nettl web studios help local businesses with their next website or web shop.
"We are looking forward to continuing our journey of growing Grafenia organically and by way of acquisition," said Chair Jan Mohr.
"We remain focused on giving our clients and partners clever ideas to promote and brand their businesses, and doing this in a reliable and efficient way, every time," added Chief Executive Peter Gunning.
Grafenia also said Non-Executive Director Conrad Bona participated in the fundraising, subscribing for 222,222 shares at a price of 13.5p each, raising GBP30,000.
Related Shares:
GRA.L