New York headquartered payment and card services business Planet Payment Inc (LON:PPT & PPTR, OTC:PLPM) said it has raised US$6.03 million before expenses via a placing of 4.5 million new shares at a price of 85 pence, or US$1.34 per share. The stock closed yesterday’s trading session in London at 89.5p.
The money raised will provide additional working capital to maintain and enhance the growth of the company's business, as well as provide a source of repayment of the US$4 million of long term debt, which becomes due in November.
The shares were issued to institutional investors in the US and the UK. Canaccord Genuity Limited acted as broker in connection with the placing. The US investment was facilitated by Littlebanc Advisors LLC.
Chief executive Philip Beck said: "The company has taken the opportunity offered by investors to bolster its cash reserves and enhance its balance sheet. This strengthens the foundation from which we can drive additional growth as we continue to execute our plan. We look forward to announcing our Q3 results on 10 November."
Planet Payment is an international payment and data processor, providing banks and their merchants with products to accept, process and reconcile payments in any currency. It has a customer base of more than 40 acquiring banks and processors in North America, the Middle East and the Asia Pacific region, including China, Hong Kong, Macau, Taiwan, Malaysia and India.
Planet Payment has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore.