8th May 2009 07:00
Timestrip plc
("Timestrip" or the "Company")
Placing to raise £610,000 for new product roll out
Timestrip is pleased to announce that it has raised £610,550 (before expenses) through a placing of ordinary shares of 0.02p each ("Ordinary Shares"). 40,703,334 Ordinary Shares have been placed with institutional and other investors.
The Company has announced the launch of several exciting new products recently including, TimestripPlus, Timestrip IV and DefrostWatch. The proceeds of the Placing will provide additional working capital for the Company, enabling Timestrip to accelerate the product roll out into these new markets.
Application will be made for the 40,703,334 new Ordinary Shares to be admitted to trading on AIM and admission is expected on 14 May 2009.
The total enlarged issued share capital of the Company will be 496,812,376. The Company holds no Ordinary Shares in treasury. Therefore, following the Placing, the total number of voting rights in the Company is 496,812,376. The above figure may be used by shareholders in determining whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.
Paul Freedman, Joint CEO Timestrip Plc: "We are delighted to have raised additional funds to help us accelerate the roll out of these exciting new products. These funds add strength to our balance sheet as we look to capitalize on the opportunities available to us."
For more information, please contact:
Paul Freedman, Joint CEO Timestrip 01462 440 700
Geoff Nash FinnCap, NOMAD 020 7600 1658
Marc Young
Related Shares:
Time Finance