Checkit PLC (AIM:CKT, OTC:ECKTF) announced a proposed conditional placing of new ordinary shares to raise gross proceeds of approximately £21mln at a price of 46p per share.
The company, which provides an intelligent operations platform, will use the funds to take advantage of some of the opportunities it said are presenting themselves within the market.
These include expanding the company's sales reach, developing strategic partnerships and alliances to further accelerate customer acquisition, investing in marketing initiatives to communicate the group's brand and increasing market share in North America.
The directors say the funds will be invested immediately, with approximately 50% going towards the expansion of the group's sales reach and marketing initiatives, and the other 50% towards developing its products.
The proposed placing will mean the creation of 45,561,020 shares, offered at roughly a 4.2% discount from the closing price on 25 November 2021.
All the directors of the company have indicated their intention to participate in the placing for an aggregate of approximately £3mln.