UK financial services software house Intelligent Environments has raised £606,314 in working capital through a placing of new ordinary shares at a price of 8.75 pence per share.
The fundraising exercise follows the publication of an improved set of financial results earlier this week. The proceeds will be used to provide additional working capital to meet an expected increase in turnover for 2004 and 2005.
Chairman Clive Richards and CEO Phillip Blundell between them signed up for approximately ten per cent of the new shares in issue, raising their interests in the company to 11.9% and 0.7% respectively.