Business
Issue of Equity
Issue of Equity.
About this update from Crimson Tide Plc
[{"type":"text","content":"\n RNS Number : 5434Z Crimson Tide PLC 17 January 2011 \n\n17 January 2011\n \nCrimson Tide PLC\n \n(\"Crimson Tide\" or \"the Company\")\n \nIssue of Equity\n \nCrimson Tide (AIM: TIDE.L), a leading service provider of mobile data solutions for business, is pleased to announce that it has raised £500,000 (before expenses) through a placing (\"the Placing\") of 50,000,000 new ordinary shares of 1 pence each (the \"Ordinary Shares\") at a price of 1 pence each (the \"Placing Shares\"). \n \nThe shares have all been placed with The Helium Special Situations Fund which, following the placing, will have an interest in 11.42% of the Company's enlarged share capital. The fund has a dedicated focus on long-bias small and micro-cap companies in the UK and is and is co-advised by IS Partners Investment Solutions AG, based in Zurich, Switzerland and by David Newton. The proceeds of the Placing will be used for expansion and working capital purposes, particularly to finance anticipated subscription contracts. \n \nApplication has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that admission will become effective and trading in the Placing Shares will commence at 8.00 a.m. on Thursday 20 January2011. \n \nFollowing admission, the Company will have 437,986,234 Ordinary Shares in issue with no Ordinary Shares in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 437,986,234, which may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. \n \nBarrie Whipp, Executive Chairman of Crimson Tide, commented: \n\"We are delighted to welcome Helium as a shareholder at such an exciting stage of the Company's development. Our outstanding proprietary mpro software is gaining real traction in the market and this additional funding will enable us to accelerate our expansion and take advantage of this increased demand.\" \n \nDavid Newton, Co-investment adviser to Helium said, \"This investment follows our strategy of investing in micro-cap companies after careful stock selection. We ...