Forbidden raises £3m

Forbidden Technologies has raised £3 million, gross, through the issue of 30,000,000 new ordinary shares at 10 pence per placing share in two tranches.

Of the funds raised, £2,247,575 is conditional on the approval of shareholders at a general meeting to be held on 28 December of a resolution to provide authority to the directors to issue and allot new ordinary shares otherwise than on a pre-emptive basis.

The net proceeds, which will be approximately £2.81 million, will be used to finance further sales, sales support, sales implementation and product development support where necessary and to support working capital through to profitability and cash generation.

At 1:05pm: (LON:FBT) Forbidden Technologies PLC share price was -1.13p at 10.13p