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Memery Crystal advises long-standing client Pelatro on Placing and Subscription to raise £2.1 million
At a glance
Memery Crystal is delighted to announce that it has advised precision marketing software specialists, Pelatro on a placing and subscription to raise £2.1 million. The Fundraise has been arranged by Cenkos Securities.
The Placing and Subscription to raise £2.1 million is through the conditional issue of 4,500,000 New Ordinary Shares to new and existing institutional and other investors at 47 pence per New Ordinary Share.
The net proceeds of the fundraise will be used for the following purposes:
- strengthen the sales team in both existing emerging and new developed markets;
- marketing at various industry conferences and events to broaden Pelatro’s brand recognition and network;
- fund working capital for Managed Services, which the Directors believe will enable the Company to tender for larger contracts.
The Fundraise is conditional, upon Shareholder approval at the General Meeting of the Company which will be held on the 20th August 2020.
Kieran commented: “It was a pleasure to work with the Pelatro team, we look forward to working with them again in the future and watching the business grow. This is the third placing to be announced this week by the Memery Crystal team, which is a testament to the strength of our offering in advising on secondary-fundraisings, especially in the current climate”.
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