LONDON (ShareCast) - (Sharecast News) - UK-based intellectual property investment group Tekcapital announced the successful completion of a £0.5m share placing on Friday.
The AIM-traded firm said an existing shareholder subscribed for 5,128,205 new shares at a price of 9.75p each, matching the prior day's closing mid-market price.

It said the funds raised would provide additional working capital for the company as it continued to focus on developing and commercialising innovative intellectual property assets aimed at improving lives.

Application had been made for the new shares to be admitted to trading on AIM, with admission expected to take effect on or around 22 January.

Following admission, the total number of ordinary shares in issue with voting rights would increase to 216,902,333.

"We are very grateful for the support of one of our existing shareholders who invested in a placing last year and who is keen to increase his investment in the company," said executive chairman Clifford Gross.

"This is an exciting time for our company, with three portfolio companies now trading on AIM, one trading on the Nasdaq, and as announced recently, our fifth portfolio company Guident planning a listing in the US."

At 1005 GMT, shares in Tekcapital were up 1.95% at 9.94p.

Reporting by Josh White for Sharecast.com.

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