LONDON (ShareCast) - (Sharecast News) - Toople, a provider of bespoke telecom services to UK SMEs, has conditionally placed 733.3m new shares with institutional and other investors at 0.3p each to raise £2.2m.
The company said on Tuesday that proceeds from the placing, which was oversubscribed, will be used to fund its working capital requirements, invest in targeted marketing initiatives to grow revenue and deliver future return on capital and enhance its service offerings.

The proceeds will also be used to fund the identification of potential 'bolt-on' acquisitions, which it deems to be earnings enhancing and fit with its stated strategy.

Chief executive officer Andy Hollingworth said: "The company has made great operational and financial progress in recent months and securing this injection of capital leaves the company with a healthier balance sheet and well capitalised to continue our growth strategy.

"Importantly, we expect this funding to see the company through to positive cash flow generation and to provide us with a stable financial platform to exploit the new business pipeline we are creating."

At 0930 BST, the shares were down 58% to 0.32p.

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