Shares in The Smarter Web Company (AQSE:SWC) rose 9% in afternoon trading after the London-listed tech firm confirmed it had raised nearly £19.7 million from the latest round of its ongoing share subscription programme.
The company said it placed just over 6 million shares at an average of approximately £3.25 each between 7 and 25 July.
The company expects to receive around 97% of the proceeds early this week.
In response to investor interest, Smarter Web said it will now provide subscription updates every two weeks to improve visibility and accelerate fund settlement.
A further 7.9 million shares from the current 14 million-share tranche are yet to be placed.
Management also signalled that a new subscription agreement is likely once the current tranche is complete, maintaining the same terms, which the company believes have supported its growth strategy.
On Aquis, the stock was up 9.2% at 237.5p.