News blog
Bright Things
- BY: Andrew Hore |
- POSTED: 02/06/2010 |
Social networking services provider Bright Things has raised £500,000 at 1.25p a share.
The placing also includes one warrant for every four shares. The subscription price for the warrant is 1.5p a share.
Bright Things raised £500,000 from Bentworth Holdings at 1.25p a share at the end of 2009. Bentworth is subscribing for just over half of the latest placing. It has also agreed to subscribe a further £500,000 at 1.25p a share between 16 September 2010 and 15 September 2011 if the company asks it to.
Bentworth currently has a 16.9% stake in Bright Things. Partygaming co-founder Vikrant Bhargava is Bentworth’s representative on the Bright Things board and it has the right to appoint another as long as its stake is above 15%. .
The placing is conditional on shareholder approval. The cash will be spent on developing the SocialGo social marketing software, boosting marketing and expanding the management and development teams.
Brett Morris took over from Edward Levey as finance director in March.
Bright Things is changing its name to SocialGo to reflect where its revenues are generated.
At 1.12p a share, up 0.075p on the day, Bright Things is values at £3.63m before the latest placing.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|