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CloudTag issues shares at a premium

Not many companies manage to issue new shares at a premium to the prevailing market price
CloudTag issues shares at a premium
Spreadex Limited holds 20.82% on behalf of itself and discretionary clients, it was revealed today

Health-focused wearable technology developer CloudTag Inc (LON:CTAG) has raised £228,000 through the issue of shares at a premium to last night's closing mid-market price.

The company has issued 7.6mln shares at 3p a pop, prompting the shares to rise 9.5% on Wednesday morning to 3.01p.

CloudTag's shares closed at 2,75p on Tuesday.

Following the issue of the shares, the total number of ordinary shares in issue is 253,778,729, and of these Spreadex Limited holds 20.82% on behalf of itself and discretionary clients, it was revealed today.

The share issue follows a fund-raising earlier this month in which CloudTag responded to strong demand for its shares by issuing an additional 2.6mln shares to Spreadex at 2.5p each, raising £65,000 in the process to add to the £215,000 raised at the end of February through the issue of shares at 1.84p each.

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