Remote Monitored Systems raises £0.27m in placing
Monitoring and security company Remote Monitored Systems announced the successful completion of a placing to raise £0.27m on Monday, to support the continuing growth of GyroMetric and Cloudveil, and to provide working capital.
The AIM-traded firm said a total of 106,000,000 ordinary shares were placed with investors at 0.25p each - premium of 11.11% of the closing mid‐market price on 10 July.
It said admission of those new shares to AIM was expected on or around 17 July.
In addition to the placing shares, the company said it was issuing another 6,950,000 new ordinary shares, also at the placing price, in settlement of certain professional fees due through to 10 July.
As part of the placing, RMS said Braveheart Investment Group had subscribed £0.2m for 80,000,000 shares.
Following issue, Braveheart would have a beneficial interest in 199,637,590 shares, representing about 25.79% of RMS’s enlarged issued share capital.
“The significant participation of Braveheart, our largest investor, will ensure that the company has sufficient funds available not only to promote the continuing growth of GyroMetric and Cloudveil, but more importantly, to pursue a number of interesting opportunities that the directors have identified,” said executive director Trevor Brown.
At 1626 BST, shares in Remote Monitored Systems were down 4.44% at 0.22p.