GenIP (AIM:TEK) has raised £350,000 (gross) through a placing of 5m new shares at an issue price of 7p per share to support immediate staffing, platform and product development and working capital needs.
The company says the proceeds will be used as follows: £100,000 for staffing including account management, £150,000 for research and development and platform work, and £100,000 for general working capital including fundraising fees; GenIP is a technology consultancy using generative AI to help research organisations and corporates commercialise innovations.
The issue price of 7p represents a discount of approximately 38% to the closing mid-price of 11.25p on 30 April, the new shares represent approximately 24.4% of the company's existing issued share capital.
CMC Markets UK, trading as CapX, acted as sole placing agent for the Placing and has been appointed joint corporate broker.
"The net proceeds of the placing will support GenIP's growth plans, will strengthen the company's balance sheet and provide additional working capital," Melissa Cruz, GenIP's CEO.
