CyanConnode Holdings plc (LON:CYAN), a world leader in narrowband radio frequency mesh networks, has announced that it is proposing to raise approximately £5 million, in aggregate, before expenses, by way of a placing of new ordinary shares of 2p each in the Company to new and existing institutional investors, and a subscription by a new strategic investor, Axia Investments Limited and certain of the Company’s directors and other investors for new Ordinary Shares.
The Placing will be effected by way of an accelerated bookbuild at a price of 9 pence per Placing Share. The Placing is subject to the terms and conditions set out in the appendix to this announcement. The subscription price is the same as the Issue Price.
The Bookbuild will open with immediate effect following the release of this Announcement. A further announcement confirming the closing of the Bookbuild and the aggregate number of new Ordinary Shares to be issued pursuant to the Placing and the Subscription is expected to be made in due course.
