Article source: 1Spatial
1Spatial plc (AIM:SPA), the Spatial Big Data Company, announces today that the Company has conditionally raised £18 million (before expenses) through the Placing of 300,000,000 new Ordinary Shares at the Placing Price of 6p per share with certain institutional investors, in accordance with the terms set out in the Circular to be published by the Company and posted to shareholders today (the “Circular”).
The net proceeds of the Placing will be used to finance the aggregate consideration for the Acquisition of Star-Apic, provide additional working capital for the Enlarged Group, open a sales and support centre in the Middle East and provide funds for product development, marketing and further potential acquisition opportunities.
The Placing Shares when issued will rank pari passu with the Existing Ordinary Shares and will, following Admission, rank in full for any dividends and distributions paid or made thereafter in respect of the Ordinary Shares.
