London-listed Tekcapital (AIM:TEK) informed investors on Thursday of its intention to raise £740,000 via a placing in order to fund investment across key activities.
The UK intellectual property investment group said the proposed placing will be of 14,800,000 new ordinary shares at 5p per share.
SP Angel is acting as the company’s nominated adviser and joint broker with Novum Securities in connection with the placing as outlined in this morning's statement.
Shares in Tekcapital were trading 8.70% lower at 5.25p during Thursday afternoon trading.
"We are pleased to announce this financing round which we believe will accelerate the progress of our portfolio companies and create significant additional value for our investors,” said Executive Chairman of Tekcapital, Clifford M. Gross.
Proceeds will be used to develop the commercialisation of Tekcapital’s portfolio of IP technologies, as well as strengthen its balance sheet and support working capital requirements, the statement detailed.
The admission is expected to become effective on or around 07 February 2020, Tekcapital added.
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