20th Jul 2015 07:55
LONDON (Alliance News) - Energy-efficient technology company Sabien Technology Group PLC on Monday said it has raised GBP770,000 via a share placing.
Sabien said it has placed a total of 9.9 million shares at 7 pence per share with institutional investors and has issued a further 1.1 million shares at the same price to TVI 2 Ltd, an existing shareholder in Sabien. Shares in Sabien were up 7.2% to 6.97 pence on Monday morning.
Sabien said the placing, run by Westhouse Securities Ltd, was oversubscribed and said the proceeds will back its plans to roll out more pilot projects for its M2G technology.
"I am delighted that we have received support from our new and existing shareholders to fund the new strategy for the provision of substantially more M2G pilot projects. This new strategy is expected to reduce our sales cycle by up to 24 weeks by removing a significant barrier to clients agreeing to pilot programmes and to mark a step change in the rate of adoption of M2G by our target client base," said Sabien Chief Executive Alan O'Brien.
By Sam Unsted; [email protected]; @SamUAtAlliance
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