Mobile analytics company Bango is to raise £450,000 through a share placing on AIM to provide the business with additional working capital.
The company has placed just over 1.3 million shares on the market at a price of 33.5 pence each.
Co-founders Ray Anderson and Anil Malhotra have each subscribed for 476,776 and 20,000 shares respectively. The remainder of the shares have been conditionally placed with existing investors by the company’s Nomad and broker, Panmure Gordon.
The money will be used as working capital and to make payments to content providers. The remainder of the proceeds will be used to repay an unsecured loan of £125,000 made by Anderson’s company ISNET.
Lindsay Bury, chairman of Bango, said: “Bango is continuing to make progress towards profitability and is experiencing significant growth in end-user revenues from larger customers in the USA.
“These funds will give the company flexibility to enhance the service offering to selected content providers, delivering an additional margin opportunity.”
Dealings are expected to commence on August 1 and upon admission, they will of the same value as the company’s existing shares.
© Crimson Business Ltd. 2008
