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Crossword Cybersecurity completes £1mln fundraising backed by CEO

Last updated: 09:13 20 Apr 2020 BST, First published: 08:04 20 Apr 2020 BST

Crossword Cybersecurity PLC - Crossword Cybersecurity completes £1mln fundraising backed by CEO

Crossword Cybersecurity PLC (LON:CCS) said it has raised £1mln through a share placing and subscription backed by its chief executive, Tom Ilube.

The AIM-listed company said it has completed a placing of 363,617 shares at a price of 230p each, a 34% discount to its closing price last Friday, raising £836,319. Meanwhile, it said, Ilube intends to subscribe for 73,914 shares on the same terms, reaching the £1mln total.

WATCH: Crossword Cybersecurity's sales director details new Rizikon Assurance partnership

"I am delighted with the continued support we have received from our shareholders in this latest fundraising.  Our pipeline is standing at approximately £6mln split between both products and consulting and these funds will enable us to continue to drive business growth over the next 12 months”, Ilube said in a statement.

The CEO noted that the pipeline for the company’s Rizikon Assurance product was continuing to grow, representing “nearly £4mln out of the £6mln total”, although he said some clients had delayed the start of new projects, partly due to the coronavirus pandemic.

“We will also monitor any potential impact on our own business and are in a position to take advantage of Government support and take other actions if and when they are required", he said.

The shares were 14.3% lower at 300p in early deals on Monday.

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