Silver Bullet Data Services Group PLC (AIM:SBDS), an AI-based advertising technology company, said today that it has raised £1 million through a share placing.
The AIM-listed company has issued 1,428,571 new shares at 70 pence per share.
Its shares initially wobbled on the fund raise news, falling as low as 80p in opening trades, but then recovered and were nearly 8% higher at 116p by 09.20 am.
Silver Bullet said the net proceeds will be used to support the growth of its new 4D AI Powered Insights Platform, which offers AI-driven insights for marketing performance.
It said its AI platform helps advertisers to target consumers in a “privacy first post cookie world”.
In its interim results statement in September, the company said it boosted sales revenue by 79% in the first half of 2023 and hoped its underlying earnings would become positive in early 2024.
The company today appointed CMC Markets as its joint broker, who acted as the sole placing agent for the placing.
The new shares will be admitted to trading on AIM on or around 4 December 2023, bringing the total number of shares and voting rights to 17,390,768.