News blog

Tern

• BY: Andrew Hore |
• POSTED: 25/11/2014 |

Technology investment company Tern has raised £378,000 at 3p a share.

Every ten of these new shares come with a warrant to subscribe for another share at 3p – lasting until 3 December 2017. The funding was oversubscribed but Tern will not be keen to issue too many shares at the current share price so it scaled back investors.

The cash will be used to help to finance the growth of data security company Cryptosoft. 

Directors Angus Forrest and Michael Clark have each converted £45,000 of convertible loan stock at 2.016p a share. They each own 8.1% of Tern and the board as a whole owns 27.6%.

At 3.75p a share, up 0.5p, Tern is valued at £1.5m.

Download the latest AIM Journal from http://www.hubinvest.com/ AIMPDFNovember2014_62