- K3 Business Technology Group has announced an £8.5m fundraising and changes to its board.

The group is seeking to raise up to £7.5m through a placing at 140p per share and up to £1.0m through an open offer at the placing price.

It said proceeds would be used to strengthen the group's balance sheet and provide additional working capital while the board conducted its review of group resources and operations.

It said an additional £0.7m was being invested in K3 through the exercise of warrants by Johan Claesson.

The group also announced a number of changes to the board, including the retirement of chairman David Bolton and the appointment of chief financial officer, Rob Price, to the board.

Chief executive Adalsteinn Valdimarsson said: "We would like to thank David Bolton for his significant contribution and counsel to K3 over almost 20 years.

"He has shown a high level of commitment and dedication to the company during this time and we wish him well in his retirement.

"Non-executive director Stuart Darling will hold the role of chairman on an interim basis, while the board undertakes a recruitment process."

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