Shares in electronic invoice group Tungsten (LON:TUNG) rebounded as it raised more than expected from a share placing.
Broker Canaccord sold £17.5mln worth of shares through a book-build exercise at a price of 80p per share, compared to a target of £15mln when it announced the funding.
Some £4mln worth of shares have already been firm placed with the rest subject to shareholder approval at a meeting on 28 May.
Edi Truell, chief executive, bought 3.76mln shares at a cost of just over £3mln with 860,000 of these acquired in the firm placing.
Ahead of the funding, Tungsten said it was in discussions with a global financial institution over a possible joint venture and was still exploring the licence options for its proposed bank.