LONDON (ShareCast) - (Sharecast News) - Intellectual property investor Tekcapital announced on Friday that it has raised £1m before expenses through a combination of a placing and subscription, to support the growth of its portfolio company Guident.
The AIM-traded firm said the fundraising involved the issue of 11,724,167 new shares via a placing and 1,609,167 shares through a subscription, priced at 7.5p per share.

It said that of the total proceeds, £0.4m would accelerate the deployment of Guident's Remote Monitor and Control Centre (RMCC) for its existing customer base while enabling the onboarding of new clients.

An additional £0.2m would be allocated to prepare for Guident's planned initial public offering in 2025, and the remainder would be used for general working capital.

As part of the fundraising, Tekcapital chief executive officer and chairman, Dr Clifford Gross, subscribed for 342,500 shares, increasing his holding to nine million shares, representing 4.25% of the company's enlarged share capital.

The new shares were expected to be admitted to trading on AIM on or around 20 November.

Post-admission, the company's total issued share capital would comprise 211,521,496 ordinary shares.

"We are excited to have completed this fundraising round as it will further the progress of Guident ahead of its planned 2025 initial public offering," siad executive chairman Clifford Gross.

"Additionally, we look forward to keeping shareholders updated with the anticipated progress of our other portfolio companies in due course."

At 1426 GMT, shares in Tekcapital were down 18.21% at 8.18p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

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