UK retail banking software house Intelligent Environments has raised £297,181 before expenses in a placing of nearly seven million new ordinary shares of one pence each.
The company, which reported a ten per cent drop in revenue and widening losses of £0.3 million for the year ending 31 December 2004, says the proceeds of the placing will be used to provide additional working capital.
Intelligent Environments ended 2004 with £0.2 million in the bank but reproted cash generative trading for the seond half of the fiscal year.
The new shares were placed at a price of 4.25 pence per share. In early morning trading iE's stock had risen by 0.3 pence, or 2.5%, to 5.3 pence.
Investors will now be looking for clear evidence that the signs of recovery in second half trading reported in iE's last update are both robust and sustainable.