26th Oct 2018 09:50
LONDON (Alliance News) - Imaginatik PLC shares spiked Friday as the management software company announced a GBP250,000 investment from Eight Capital Partners PLC, an open offer to raise a further GBP250,000, and the re-listing of its shares on London's AIM.
Shares in Imaginatik were up 23% at 2.64 pence each, having reached 3.40p in earlier trade.
Imaginatik also appointed WH Ireland PLC as its new nominated adviser.
Eight Capital's investment will form two parts: GBP160,000 will be invested immediately by subscribing for 14.5 million new shares at a price of 1.1p per share, which represents about 30% of Imaginatik.
Imaginatik will have 49.0 million shares in issue following the Eight Capital placing.
The second part will come through the acquisition of GBP90,000 of convertible loan notes to be issued by Imaginatik.
The loan notes have a term of three years and an annual coupon of 7.5%, payable quarterly in arrears.
Imaginatik will also look to raise another GBP250,000 through an underwritten open offer at the same price as the Eighth Capital placing.
The proceeds of the open offer will be used to provide additional working capital for the company.
Related Shares:
WHIreland