Business
Placing to raise £1 million
Placing to raise £1 million.
About this update from Silver Bullet Data Services Group Plc
[{"type":"text","content":"\n\n29 November 2023\n \nSilver Bullet Data Services Group plc\n(\"Silverbullet\" or the \"Company\" or the \"Group\")\n \n \nPlacing to raise £1 million\nand\nAppointment of Joint Broker\n \nSilverbullet, a provider of digital transformation services and products, announces that the Company has raised gross proceeds of £1.0 million through a placing (the \"Placing\") of 1,428,571 new ordinary shares of 1 pence each in the Company (\"Ordinary Shares\") at a price of 70 pence per share (the \"Placing Shares\") (the \"Placing Price\"). The Placing Shares equate to approximately 8.95% of the Company's currently issued share capital and the Placing Price represents a 27.2% premium to the 6-month VWAP and a 18.4% discount to the 3-month VWAP.\nThe net proceeds of the Placing will be principally used to provide the working capital required to facilitate the significant recent growth in new contract wins and further accelerate the expansion of the Company's new 4D AI Powered Insights Platform. As announced at its recent interim results, Silverbullet has experienced strong revenue growth this year, with revenue having increased by 79% and overall operating costs reduced by 8% in H1 2023 versus H1 2022, as it moves towards a position of positive EBITDA in early FY24. The Company is witnessing significant demand for the AI-driven insight capabilities the 4D AI Platform can provide, with clients increasingly seeking innovative ways to utilise AI in conjunction with privacy-safe data assets to drive marketing performance and ROI.\n \nAppointment of Joint Broker\nCMC Markets UK Plc (\"CMC Markets\") acted as the Company's sole placing agent in respect of the Placing and has been appointed as joint broker to the Company. Brokers and investors wishing to gain access to future CMC Markets transactions, should register their interest at: https://www.cmcmarkets.com/en-gb/capx.\nAdmission and Total Voting Rights\nThe Placing has been conducted utilising the Company's existing share authorities. The Placing Shares will rank pari passu in all respects with the Company's existing Ordinary Shares. The Placing Agreement includes customary terms and conditions. The Placing is conditional, inter alia, on there being no breach of the obligations under the Placing Agreement entered into between CMC Markets an...