- Falanx Group has confirmed that the proposed placing, announced this morning, was oversubscribed.

A total of 29,090,909 new ordinary shares were successfully placed with investors at a price of 6.875p per share, raising £2m before expenses.

Stuart Bladen, Chief Executive Officer of Falanx Group, commented:

"The cyber market is growing rapidly and it is important for Falanx to expand and take market share quickly to maximize our future value. We are therefore delighted to announce this placing which followed several approaches from interested investors. The Board agree it was in our shareholders' interest to serve market demand for equity in Falanx because it strengthens our capital reserves, accelerates our growth and completes our pathway to full profitability without interruption."

At 1:56pm: [LON:FLX] Falanx Group Plc share price was +0.25p at 7.75p

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