Business
Placing to raise £5m & Notice of General Meeting
Placing to raise £5m & Notice of General Meeting.
About this update from Pci-pal Plc
[{"type":"text","content":"\n \n \n RNS Number : 9256H\n PCI-PAL PLC\n 27 March 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, \n AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL\n .\n \n \n \n \n \n THIS 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.\n \n \n \n \n \n 27 March 2020\n \n \n \n \n \n PCI-PAL PLC\n \n \n (\"PCI Pal\", \"the Company\" or \"the Group\")\n \n \n \n \n \n Placing to raise £5.0 million\n \n \n and\n \n \n Notice of General Meeting\n \n \n \n \n \n PCI-PAL PLC (AIM: PCIP), the global provider of secure payment solutions, is pleased to announce a conditional Placing (the \"Placing\") to raise gross proceeds of approximately £5.0 million through the issue of 16,666,667 new ordinary shares of 1 pence each in the capital of the Company (the \"Placing Shares\") at a price of 30 pence per Ordinary Share (the \"Issue Price\"). Admission (\"Admission\") of the Placing Shares is subject to, inter alia, Shareholder approval at a general meeting of the Company (\"General Meeting\"), notice of which will be sent to Shareholders shortly.\n \n \n \n \n \n finnCap Ltd (\"finnCap\") is acting as nominated adviser and sole broker in connection with the Placing. The Placing has not been underwritten.\n \n \n \n \n \n Highlights\n \n \n \n \n \n - Placing to raise aggregate gross proceeds of approximately £5.0 million at a price of 30 pence per Ordinary Share (the \"Issue Price\").\n \n \n \n \n \n - Approximately £4.25 million of the Placing proceeds raised from certain VCT investors will be used to fund the Company's continued growth in North America as follows:\n \n \n \n \n \n o \n Increase sales and marketing resources to add more support to North American based channel partner relationships; improve capacity to reduce time taken to on-board and enable new partners; and\n \n \n o \n Expand pr\n oduct management functions targeting long term improvements in time to go live (\"TTGL\") for new ...