10th Nov 2015 13:39
LONDON (Alliance News) - Kuala Innovations Ltd on Tuesday said it has raised GBP655,000 before expenses by placing 8.2 million new shares at a price of eight pence each.
"The proceeds of the placing will be used to assist the company in making investments in accordance with its investing policy and for general working capital purposes," Kuala said in a statement.
In addition, Kuala said it is in advanced talks with new and existing investors about a further placing on the same terms as the placing.
The company expects to conclude the further placing following publication of its interim accounts for the six months to September 30.
Shares in Kuala were down 2.3% at 9.52 pence on Tuesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.