10th Aug 2015 06:59
LONDON (Alliance News) - Investment company Tern PLC said Monday that it has raised GBP720,000 through a discounted placing of 6 million new shares at a price of 12 pence each.
Shares in the company closed at 15.54 pence last Friday.
Tern, which invests in the cloud and mobile arenas, said it plans to use the proceeds to facilitate further investments and provide additional finance for its existing portfolio, particularly investee company Cryptosoft Ltd.
Additionally, Executive Directors Bruce Leith and Al Sisto each are converting GBP18,750 in convertible unsecured loanstock into 1.5 million new shares at 1.25 pence per share, Tern said.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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