27th Mar 2020 18:08
(Alliance News) - PCI-PAL PLC on Friday said it intends to raise around GBP5.0 million through the placing of 16.7 million shares at 30 pence each.
The stock closed untraded on Friday in London, last quoted at 30.00 pence each.
PCI-PAL will raise around GBP4.3 million through the issue of 14.2 million VCT qualifying shares and around GBP750,000 through the issue of 2.5 million general placing shares
The secure payment solutions provider said the GBP4.3 million raised from certain venture capital trust investors will be used to fund its growth in North America. The remainder of the funds will be used for general working capital purposes providing flexibility amid the Covid-19 pandemic, as well as to provide additional funds to consider future expansion opportunities.
finnCap Ltd is acting as sole broker in connection with the placing.
The placing shares represent around 39% of PCI-PAL's existing issued share capital.
"I have been very pleased with our progress in the year to date, during which we have continued to build significant sales growth across both our US and UK operations. We are delighted with the support shown in this placing by both existing and new investors which will enable us to capitalise on our current North American expansion, and enable advancements in product management and development to support the long term ambitions of the business globally," said Chief Executive James Barham.
The placing is subject to shareholder approval.
By Ife Taiwo; [email protected]
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