19th Nov 2013 13:41
LONDON (Alliance News) - Phorm Corporation Limited said Tuesday that it had placed 100 million new shares at a price of 10 pence each to raise GBP10 million before expenses.
Phorm makes an online advertising platform that protects users privacy whilst making content and advertising more relevant to them. The platform works on an opt-in basis.
The company said intends to use the proceeds from the placing for general working capital purposes.
Phorm also said that it has made progress towards its commercial launch in China, with daily user numbers since it began its opt-in process in the region up to 10 million per day. Phorm said it was now progressing to its first test campaigns before it moves to commercial operations.
Shares in Phorm were trading down 4.6% at 13.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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