Rosslyn Data Technologies PLC (AIM:RDT) is looking to raise a minimum of £3.3 million via a conditional placing and subscription of shares and convertible loan notes with up to a further £0.5 million to come from a retail offer.
Shares in the placing will be issued at 0.5 pence, a nil discount on yesterday’s closing price, to raise £2.7 million with an additional £600,000 to come from the issue of the loan notes.
Alongside the fundraising, big data specialist Rosslyn will also consolidate its shares on a 50-into-one basis to improve market liquidity by reducing volatility and spread and to make the shares more attractive to a broader range of institutional investors.
Paul Watts, Rosslyn’s chief executive, said: "The last year has been a transformative period for Rosslyn in which we have strengthened and refined our position as a leading provider of procurement analytics solutions.
“With the restructuring of our business, launch of an upgraded SaaS platform and execution on a new partner-led go-to-market strategy, we have established solid foundations for growth and are now well-positioned in a marketplace that is ripe for disruption.
“This fundraising will enable us to drive revenue growth and provide a pathway to profitability thanks to our scalable business model.”