- Ethernity Networks announced that it had agreed to sell shares to 5G Innovation Leaders Fund, a US-based specialist investor, raising up to £3.2 million.

The 5G Fund would make an initial investment of £500,000 for the shares valued at £547,000 in the next five days. Additional investments of three tranches of £400,000 each would be made by 5G Fund for subscription shares valued at £438,000 per tranche no later than, respectively, six months, 12 months and 18 months after the date of the initial investment, the company said.

If both parties agree, additional investments of up to £1.5 million in aggregate, for subscription shares valued at up to £1.647 million 'may be made under the agreement,' it added.

The proceeds from the investment would be used by the company for general corporate and working capital purposes.

At 9:45am: [LON:ENET] Ethernity Networks Ltd share price was +0.25p at 17.25p

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