LONDON (ShareCast) - Wireless technology group Cyan Holdings unveiled plans to raise 1.1m pounds in a share placing, hitting its shares by 0.03p to 0.18p at 15:09 in London.

Cyan, which designs software for wireless utility metering and lighting control,
plans to issue 733m ordinary shares at 0.15p each.

It expects to use the cash for general working capital needs, business development and other product development work in emerging markets such as India, Brazil and China.

Executive Chairman John Cronin said: "To demonstrate the board's confidence in these opportunities and our commitment to the company the directors of Cyan have agreed to subscribe in the placing for an aggregate amount of £100,000."

PW

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE