Business
Placing to raise £4.95m
Placing to raise £4.95m.
About this update from Pci-pal Plc
[{"type":"text","content":"\n \nRNS Number : 3326D PCI-PAL PLC 30 January 2018 \n\nTHIS ANNOUNCEMENT, INCLUDING THE APPENDIX, AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA, THE REPUBLIC OF IRELAND, NEW ZEALAND, ISRAEL OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT AND AT THE START OF THE APPENDIX.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\nUNLESS OTHERWISE INDICATED, CAPITALISED TERMS IN THIS ANNOUNCEMENT HAVE THE MEANING GIVEN TO THEM IN THE DEFINITIONS SECTION INCLUDED IN THE APPENDIX.\nPCI-PAL PLC\n(\"PCI Pal\" or the \"Company\")\nProposed placing to raise £4.95 million (the \"Placing\")\nThe Board of PCI Pal, the secure payment solutions provider for organisations taking card based payments by telephone, is pleased to announce the Company's intention to raise £4.95 million (before expenses) by way of a placing of 11,000,000 new Ordinary Shares as further outlined below.\nHighlights\n· Placing to raise aggregate gross proceeds of £4.95 million at a price of 45 pence per Ordinary Share (the \"Placing Price\")\n· Approximately £3.9 million of the Placing proceeds raised from certain VCT/EIS investors will be used to: \n- Grow the Company's existing North American operations, in particular to capitalise on the Company's growing pipeline of North American opportunities through the activation in the region of its cloud-based service offering via AWS\n- Increase marketing expenditure and to fund an expected increase in working capital in its North American operations as the business grows \n· The balance of net funds raised in excess of £3.9 million will be used to accelerate the growth of the business in both domestic and internat...