- TMT Investments, a venture capital company investing in high-growth, technology companies, has launched a placing to raise US$3.5 million before expenses.

TMT has issued 1,276,260 new ordinary shares to certain institutional and other investors at a price of US$2.43 per share.

The company is also proposing to issue up to a further 164,609 new ordinary shares to certain existing shareholders at the placing price.

The placing price is equivalent to the company's net asset value per share, as stated in the final results, announced on 15 March 2018, and represents a discount of approximately 27.3% to the closing mid-market price of TMT ordinary shares on 28 March 2018.

The net proceeds will be approximately US$3.32 million which will be used to make further investments, and to support the company's wider working capital requirements. These funds are expected to be supplemented by anticipated further exits from certain of the company's existing portfolio holdings over the coming months.

At 9:01am: [LON:TMT] TMT Investments share price was -0.78p at 2.56p

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