Pelatro PLC (LON:PTRO) is aiming to raise at least £2.15mln of new capital through a share placing plus a share offer to retail investors on the PrimaryBid platform.
Some 5.37mln new shares are being sold in a placing, priced at 40p per share. Shares sold via PrimaryBid will be priced on the same terms.
The company plans to invest around £1.5mln into a mobile advertising opportunity, primarily in sales and marketing, whilst the remainder of the proceeds will support the balance sheet including to repay short and long term debt.
Pelatro currently provides software solutions to 20 telecoms customers across 17 countries, and, the company recently highlighted that it is now at an inflection point for its growth prospects, with a significant opportunity to invest in the fast-growing mobile advertising space.
“The directors believe that Pelatro can grow quickly to become a US$25mln revenue business in the medium term with high recurring revenue streams and strong cash generation,” it said in a statement.