Location Sciences Raises GBP412,372 Through 1.37 Billion Placing (ALLISS)

LONDON (Alliance News) - Location Sciences Group PLC said on Thursday it has raised GBP412,372 ...

Alliance News 14 June, 2018 | 11:58AM
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LONDON (Alliance News) - Location Sciences Group PLC said on Thursday it has raised GBP412,372 through a placing of 1.37 billion shares at a price of 0.03 pence per share.

Shares in the mobile location data company were fell 11% at 0.031 pence on Thursday.

The price reflects a discount of 13% to the closing price of 0.0345p on Wednesday, and proceeds will go towards investment and marketing for Location Sciences' new verification product Verfiy and working capital purposes.

"I am pleased to announce the completion of a successful fundraising to support the on-going marketing and commercialisation of our Verify product. It is pleasing that the placing was over-subscribed and that the directors are able to issue the maximum number of shares authorised by our shareholders. It's important for us to capitalise on our first mover advantage and with these new funds I am confident in gaining significant market traction over the coming months," said Chief Executive Officer Mark Slade.

Location Sciences now has 15.1 billion shares issued overall.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Location Sciences Group PLC 2.23 GBX 0.00 -
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