14th May 2015 08:39
LONDON (Alliance News) - Imaginatik PLC Thursday said it intends to raise GBP504,000 in a discounted share placing, providing it with working capital until it gets "significant" cash receipts following "anticipated" contract renewals later this year.
The project software provider and consultancy said it will issue nearly 18.7 million new shares to new and existing shareholders, including two directors, at 2.7 pence a share, a 13.7% discount to Wednesday's mid-market closing price.
Imaginatik shares were down 11.2% at 2.78 pence Thursday morning.
It said it will also issue 950,475 new shares to a supplier at the same price in lieu of cash payments.
The placing was conducted in conjunction with Daniel Stewart & Co, which has also been appointed as the company's broker with immediate effect.
The fundraising needs to be approved by shareholders at a general meeting on June 1.
"We are delighted to announce that Imaginatik has been supported in raising a small amount of additional working capital. This working capital will allow the company to be operationally self-sufficient until contract renewal revenues are recognised later on this year. This backing, from both existing and new investors, validates the company's strategy and supports Imaginatik as a global full service innovation provider," Chairman Matt Cooper said.
By Steve McGrath; [email protected]; @stevemcgrath1
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