19th Jan 2015 09:04
LONDON (Alliance News) - Phorm Corp Ltd said Monday it has raised GBP6.25 million through the placing of 49 million shares, and a subscription for 10.5 million new shares, both at a price of 10.5 pence per share.
Shares in Phorm are trading down 1.4% at 10.85 pence Monday morning.
Phorm operates an opt-in online advertising platform that protects users' privacy whilst making content and advertising more relevant to them.
The placing and subscription shares will represent around 7.74% of its enlarged issued share capital, Phorm said.
FiveT Investment Management Ltd, a company connected to Non-Executive Director Johannes Minho Roth, has subscribed for 9.5 million shares, taking its interest in the company to 10.44% or 80.3 million shares.
The company said it plans to use the proceeds from the placing and subscription for its general working capital purposes.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
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