Nektan raises £125,000 in additional share placement

6 November 2019

White label and gaming content provider Nektan has placed a further 2.5m shares with an investor on top of its earlier share placement that concluded in October, raising a further £125,000 (€145,297/$161,073).

The total value of the company’s placement of 54.5m shares is now £2.73m, after the initial placement raised £2.6m. Nektan had initially intended to raise £3m through a placement of 52m shares.

At one point, Nektan had suggested that it would surpass the target and ultimately raise £5m. This saw the placement deadline extended from 25 September to 2 October, then 9 October, before being pushed back to 18 October. and finally 24 October

However, negotiations with investors revealed that interested parties were proposing terms “unacceptable” to the board, resulting in these groups being excluded from the placing and the total raised fell below the initial target.

The 2.5m shares are values at five pence apiece.