Shares in The Smarter Web Company (AQSE:SWC) rose 5% to 105p on Monday after the technology group raised £9.7 million in fresh capital through a share placing, with most of the funds coming from a new US institutional investor.
The London-listed company, which describes itself as the UK’s largest publicly traded holder of Bitcoin, said it issued 9.68 million new shares at £1 each, matching Friday’s closing price.
Around £8 million of the total was subscribed by a single American institution introduced by New York-based Maxim Group, which acted as lead placement agent.
Investors taking part in the placing have also received warrants allowing them to buy further shares at £1.50 within the next three years, a 50% premium to the issue price.
The company may require investors to exercise those warrants if the share price trades at more than triple that level for 10 consecutive days after the first year.