26th Mar 2014 17:15
LONDON (Alliance News) - Phorm Corporation Ltd said Wednesday that it intends to raise approximately GBP10 million, before expenses, in a placing of new shares, with new and existing institutions and other investors, at or around the current market share price.
Phorm shares closed 5.0% lower Wednesday at 11.05 pence per share.
The internet personalisation technology company said the proposed placing will be led by Mirabaud Securities LLP, which is acting as sole bookrunner, and is not being underwritten.
It said the offering price and total number of placing shares will be determined following the completion of Mirabaud's bookbuilding process.
The company said it intends to use the proceeds for general working capital purposes.
Phorm also said that the business has continued to make good progress, in March reached a total of over 30 million daily unique users, and is now deployed across nine ISPs.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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