- Falanx, a security and risk management consultancy working with blue chip and government clients worldwide, is raising gross proceeds of £2.64m through a placing and subscription of 18,878,564 new ordinary shares at 14p apiece.

The funds are being raised from both new and existing investors.

The proceeds of the placing will be used to finance:

· £500,000 to extend the global licence agreement with Assuria to 16 April 2018 and development of the Falanx and Assuria Cloud partnership

· £2.14m for the continued sales and marketing development of Falanx's cloud-based cyber security managed services

Falanx also announced that its strategic partnership with Assuria has been extended to April 2018.

The partnership will focus on the delivery of cyber defence managed services to government and commercial customers via the Falanx Assuria SOC, as well as: · A joint IP development programme to meet new and upcoming cloud security threats, including security software, services, intelligence, processes and other know-how

· A joint managed security services sales and marketing programme

· All existing software licenses and associated licenses for managed cyber security services extended

· Assuria branding will be licensed to Falanx

· The Falanx and Assuria management teams will continue to work closely together, with the Assuria Chairman, Terry Pudwell, joining Falanx as a senior adviser

At 8:13am: [LON:FLX] Falanx Group Plc share price was -4p at 16p

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