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SocialGO

  • BY: Andrew Hore |
  • POSTED: 10/02/2011 |

Social networking services provider SocialGO has raised £1.34m at 2.95p a share in order to finance the development and launch of the new version of its social networking software.

One month ago, SocialGO raised £300,000 at 2.75p each. There was £28,000 in the bank at the end of September 2010, although £200,000 was raised at 1.25p in November.

The company’s platform enables individuals or clubs to have their own social network. Revenues were £418,000 in the six months to September 2010. They are growing rapidly but remain modest.

At 3.1p a share, down 0.17p, SocialGO is valued at £12.2m.

Last month, SocialGO appointed First Columbus as joint broker with its nominated adviser Canaccord Genuity.

The year end has changed from March to December so the next financial period is the nine months to December 2010.

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