Clear Leisure raises £0.68m for further tech investment

Clear Leisure has raised £0.68m, it announced on Thursday, for both working capital and further investments in its portfolio of technology businesses.

The AIM-trading firm said the funds were raised via the placing of 113,333,333 new shares at a price of 0.6p each.

Its board said the net proceeds would be used for working capital purposes, and for “selective further investments” in the company’s growing portfolio of technology businesses.

“We are pleased to announce this round of financing which will provide the company with the funds needed to substantially increase the necessary and material computing power in our cryptocurrencies data centre, to make it a competitive business, once relocated,” said executive chairman and chief executive officer Francesco Gardin.

“The second use of the funds is to complete the preparatory work for the launch of the company’s previously-announced EIS investment fund.

“Finally, it also gives us sufficient resources to support our current investment portfolio, if and when required, as well as looking at new and exciting technology opportunities.”

At 1208 GMT, shares in Clear Leisure were up 82.48% at 1.25p.