10th May 2019 15:35
LONDON (Alliance News) - Water Intelligence PLC said Friday it had raised GBP3.2 million in an oversubscribed placing and subscription.
Water Intelligence - which provides technology that detects water leaks - issued an aggregate of 863,402 new shares at 370 pence. Following the transaction, the firm will have 16.9 million shares outstanding.
The company's shares were trading up 3.5% Friday afternoon at 376.90p each.
Water Intelligence placed 500,000 shares, raising GBP1.9 million, and offered for subscription 363,402 shares, raising GBP1.3 million.
"We are delighted that investors on both sides of the Atlantic have continued to support us in growing the company," said Executive Chair Patrick DeSouza.
"Combined with the expansion of bank financing facilities previously announced that provide USD5.7 million of availability, we expect to have financial wherewithal to accelerate our growth strategy: organic growth in locations across the US, UK, Australia and Canada; strategic franchise reacquisition; and extension of our business-to-business and municipal channels that leverage our sales footprint in excess of USD100 million," DeSouza added.
Related Shares:
Water Intel.