14th May 2020 18:13
(Alliance News) - KRM22 PLC, a technology and software investment company, on Thursday said that it has raised GBP1.1 million under a previously announced share placing.
The company placed 3.8 million new ordinary shares at 30 pence per share with new and existing shareholders.
Shares in the company closed at 20.00p each in London on Thursday, down 27%.
In addition to share placing, the company's Chair & Chief Executive Officer Keith Todd, Chief Financial Officer Kim Suter, Non-Executive Director Steve Sparke and an employee of the company have made a further equity investment of an aggregate of GBP135,000 by agreeing to subscribe 449,998 new shares.
Proceeds of the placing will be used by the company for general working capital purposes.
Chair & CEO Todd said: "I am delighted that we have been supported by core and new shareholders to provide the company with additional working capital to support our growth strategy. The Placing together with our committed debt facility will strengthen the available liquidity during a time of uncertainty caused by Covid-19. We are encouraged by the breadth and depth of engagement with current customers and new prospects in all regions of the world and look forward to updating shareholders on this soon".
By Tapan Panchal; [email protected]
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