NetScientific has raised gross proceeds of approximately £1.5mln from a placing with new and existing investors at 67p per share.
The placing shares will represent approximately 9.6% of the company's issued share capital following completion and were issued at a discount of 10.6% to the closing price on Monday (20 June 2022).
Entities associated with Melvin Lawson, a substantial shareholder in the company, subscribed for 485,074 of the 2.238mln placing shares issued.
Ilian Iliev, chief executive, added: "We are grateful for the support from our shareholders in this difficult macro-economic climate and look forward to deploying these funds to develop the company's growth strategy."