23rd Jun 2023 10:55
(Alliance News) - TruFin PLC on Friday said it has raised GBP7 million from a placing, to help invest in video games subsidiary Playstack Ltd.
After market close on Thursday, the London-based financial technology holding company for niche lenders and early payment providers said it wished to raise GBP7 million through a placing and up to GBP1 million in an open offer.
It priced both the open offer and placing shares at 65 pence each, representing a 4.4% discount to the shares closing price on Thursday.
TruFin shares were down 5.9% to 64.01 pence each in London on Friday morning.
On Friday, TruFin sad it has successfully placed 10.8 million new shares, raising GBP7 million.
TruFin said the net proceeds will be used to invest in Playstack to secure the Mortal Shell franchise and provide working capital to the company.
Completion of the placing and open offer will be conditional upon the approval by shareholders at the company's general meeting. The general meeting will be held on July 10.
Chief Executive Officer James van den Bergh commented: "We are delighted that Playstack has entered into an agreement to develop and license further games in the Mortal Shell franchise, building on the highly successful first instalment of the franchise launched in 2020 to critical acclaim. This cements Playstack as a significant player in the games industry and augments a compelling line up of games for 2023, 2024 and beyond. The placing proceeds will secure this exciting franchise for Playstack as well as provide additional funding to the group."
By Sophie Rose, Alliance News reporter
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