Caledonian Holdings (AIM:CHP) has conditionally raised gross proceeds of £612,000 through a placing and subscription of 48.96m new shares at 1.25p each.
The AIM-quoted investing company is building an integrated financial services group around Aspire Commerce Group, its wholly owned subsidiary. Proceeds will fund working capital and support the commercial launch of Aspire's multi-currency business accounts and debit cards, a proposition the company says is operationally ready, with cards in stock and testing complete.
Funding will also help convert Aspire's existing trade finance opportunities into funded transactions, as the business holds advanced talks with third-party funders and foreign currency partners covering south-east Asia, China and the Middle East.
"This fundraising represents an important step in moving Aspire from platform readiness into the next stage of commercial deployment," said Jim McColl, Caledonian's executive director.
The issue price represents a discount of approximately 32.4% to Aspire's closing mid-market price of 1.85p on 12 August.
Axis Capital Markets arranged a placing of 46m shares raising £538,000, alongside a £37,000 management subscription from Caledonian directors and Aspire's senior team, including chief executive Adam Rigler, chief financial officer Matt O'Brien and chief technology officer Chris Camplejohn.
