11th Dec 2015 14:06
LONDON (Alliance News) - Temporary accommodation provider Snoozebox Holdings PLC on Friday said it has raised GBP5.0 million in an equity fundraising, through a placing of 83.3 million new shares at 6.0 pence each.
Snoozebox said it has incurred higher operating costs than in 2014, due to the "substantial increase" in its events deployment.
"The company has invested in the development of new models in response to market opportunities in social housing, semi-permanent applications and events. The company now requires additional funding to support its 2016 events season, the costs of mobilisation in respect of the proposed semi-permanent deployments and the evaluation of medium and longer term opportunities," Snoozebox said in a statement.
Snoozebox said it "remains on course to meet its full year expectations, with cash balances anticipated to be higher than expected".
"Clearly, as the company further grows, the company will explore incremental sources of funding to support the development of the business, and further capitalise on the current pipeline of opportunities," the company added.
Shares in Snoozebox were down 8.4% at 7.33 pence on Friday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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