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CloudTag raises £975,000 through share subscription

The new shares were issued at 3.75p, versus last night's closing mid-market price of 4.82p

Pound notes
The board is carefully managing the company's cash position.

Health and fitness-focused wearable technology specialist CloudTag Inc (LON:CTAG) has raised £975,000 through a share subscription.

The company issued 26mln shares at 3.75p each. After expenses have been deducted, CloudTag will receive £916,500.

The funds will be used for general working capital purposes.

The company is readying its flagship product, the Onitor Track device, for commercial launch but in the meantime it signalled it would need to conduct further fund-raising exercises in the short term.

To this end, it intends to convene an extraordinary general meeting so it can ask shareholders to waive pre-emption rights – the standard procedure where existing shareholders are offered the opportunity to buy newly issued shares in proportion to their existing holdings.

In other news, the company's nominated adviser (nomad), Cairn Financial Advisers, is to cease being the company's nomad on 10 April.

The company is in advanced discussions with another broker and is optimistic a replacement nomad will be appointed before 10 April, otherwise the company's listing on Aim will have to be suspended.

Quick facts: CloudTag Inc

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Market: AIM
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CloudTag Inc raises £580,000 to fund growth

Personal fitness monitoring device maker Cloudtag Inc (LON:CTAG) has raised £580,000 to help it bankroll rapid business growth. Cloudtag has generated the cash by issuing 10mln shares at a price of 5.8p per share, representing a premium of 5.45% to Tuesday's mid-market closing...

on 10/8/16

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