Catenae Innovation raises £0.58m to develop pipeline

Digital media and technology provider Catenae Innovation announced a placing and subscription for a total of 575,000,000 new ordinary shares at a price of 0.1p per share on Wednesday, raising gross proceeds of £0.575m.

The AIM-traded firm said the placing shares had been issued at the prevailing market mid-price, with the placing including further investment from an existing institutional investor to maintain its percentage holding.

Catenae said it was also issuing one warrant for every one placing share issued at an exercise price of 0.125p, which could be exercised up to three years from the date of issue.

If exercised, the warrant holder would be entitled to receive a further warrant exercisable at 0.15p, which could be exercised for a further two-year period.

The company said application was being made for the 595,000,000 new ordinary shares to be admitted to trading on AIM, which was expected to occur on or around 5 March.

“We are pleased to receive this additional support at an important time for the company’s development strategy,” said chief executive officer Tony Sanders.

“Catenae will invest a substantial proportion of the placing funds in sales and marketing initiatives to help secure existing opportunities and develop the sales pipeline.”