Ethernity Networks Ltd (AIM:ENET, FRA:82N) said it raised £402,480 of extra funds in a 'broker option' on top of a £4.2mln placing.
Almost 1.15mln shares were issued by broker Peterhouse at a price of 35p apiece, together with associated warrants, to existing shareholders.
Peterhouse was issued an additional 22,998 warrants to subscribe for further new ordinary shares at the issue price, with a life term of 24 months.
Ethernity said on Monday the proceeds of the fundraising will be used to strengthen the balance sheet, to support the growing number of engagements for its 5G offering towards successful field deployments and for general working capital purposes.
Chief executive David Levi said in a statement today: "We were pleased to report in our interim results, in August 2021, that the company was funded through 2022 to meet its operational requirements and contracts in hand, which position had not changed leading into this fundraising.
"As Ethernity continues to implement its new proven strategy as a supplier of customised and differentiated system solutions, the fundraising allows the company to be financially positioned for the next stage of its development and growth with significantly larger customers, and to service expected mass deployment growth on anticipated new contracts from end 2022 onward."