StockMarketWire.com - Grafenia said it had raised approximately £1.1m gross through the placing of 7,868,517 shares at 13.5p per share from existing investors.

The proceeds would be used for multiple purposes, including to relocate and integrate Image Everything's operations into the group's main production hub in Manchester, to invest in the launch of Nettl of America, to make further small acquisitions and for the group's general working capital requirements.

'Earlier this month, we launched Nettl of America. The team have put a tremendous amount of effort into upgrading our platform to work in a different currency, with different tax rules and translating our marketing and product range to work with different sizes, different weights and different words, said Peter Gunning, CEO of Grafenia.

In the company's interim results for the six months ended 30 September 2018, announced on 28 November 2018, the company said it was looking to acquire a few larger sign businesses, similar in scale to Image Everything.

'These will act as regional manufacturing and installation hubs, to support a local network of Nettl Business Stores and studios. The Company expects to predominantly finance these acquisitions via equity fundraisings,' Grafenia said.


At 8:16am: [LON:GRA] Grafenia share price was +1.25p at 12.5p



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