EMV Capital (AIM:EMVC) has confirmed the successful close of an oversubscribed equity raise, for gross proceeds of £1.5 million.
The fundraising comprised a subscription of £932,752 and a retail offer of £567,248, both priced at £0.50 per new share – a premium compared to the price of 43.5p prior to the funding being announced. A total of 3 million new shares were issued to investors.
"We are pleased to close our oversubscribed fundraising, at a notable premium in this difficult macro-economic climate where we are aware of many other fundraisings being at a substantial discount,” chief executive Dr Ilian Iliev said in a statement.
“This has been possible due to EMV Capital (AIM:EMVC) Partners and its introduction of supportive existing and qualifying new investors, many of whom frequently participate in the funding of our portfolio companies.
“I welcome our new shareholders, and we look forward to deploying the funds raised to develop the company's growth strategy."