Blue Star Capital PLC (AIM:BLU) shares started higher again on Wednesday, after the company raised sufficient funds to cover its capital needs through until September.
It comes after Tuesday’s portfolio update which reported on key developments at a number of investee companies and encouraged investors.
Today, Blue Star revealed it had raised £100,000 before expenses by placing 100 million new ordinary shares, priced at 0.1p each.
The fundraise will bolster the company's working capital, supporting its ongoing operations and strategy until September 2024, the company said in a statement.
This small raise aligns with the company's forecast monthly cash burn rate and its plans to dispose of its shareholding in SatoshiPay.
In London, Blue Star shares opened 6% higher to be priced at 0.11p, valuing the micro-cap firm at just over £6 million. Yesterday, the share price rose from 0.9p.