LightwaveRF has secured an equity subscription from the Committed Capital concert party.
This will raise £927,000 at 5p a share. The first part of the subscription will be in the current tax year in order to benefit from EIS relief. The rest of the money will be paid over three months. However, the concert party members have indicated they will subscribed and have not committed as yet.
LightwaveRF hopes to raise additional cash during the subscription period.
The concert party includes Mark Blandford, the founder of Sportingbet.com, and it will own 45.95% of the company.
Shareholders have to vote at a general meeting to release the concert party from the normal requirement to make a mandatory offer because of the size of its stake.
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