23rd Dec 2019 18:12
(Alliance News) - Shares in Catenae Innovation PLC fell sharply on Monday as the struggling media company said it looks to secure GBP100,000 in funding to secure its near-term future.
Shares in the company tumbled to close 31% lower at 0.012 each in London on Monday.
Catenae said it is in "advanced negotiations" to secure the short-term debt funding by way of a placement, but warned that there is no guarantee that it will enter an agreement.
What's more, the firm said that due to its "limited financial resources" it is unlikely that it will be able to trade beyond the next two to three weeks should no funding be secured.
At board level, Tony Flynn resigned as a non-executive director with immediate effect to pursue personal interests, the company said. Catenae added that Chief Financial Officer John Farthing is willing to join the company's board.
By Eric Cunha; [email protected]
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