CyanConnode plans £3.2m fundraising

CyanConnode has announced that it intends to conduct a fundraising of up to approximately £3.2m, gross, through a proposed placing of 230,441,804 ordinary shares and a proposed subscription of 1,676,470,588 new ordinary shares.

CyanConnode said the net proceeds would be used to support the company on its journey to large scale commercialisation, and specifically:

- to fund staffing costs for the delivery of customer projects won in its markets, as well as to secure new orders and maintain CyanConnode's leadership position in key markets;

- for the development and delivery of solutions that are being specifically requested by customers

- to further develop CyanConnode's narrowband mesh network solutions to retain a competitive advantage

- to further invest in business development initiatives to capitalise on opportunities in the Company's existing emerging markets and to secure orders in additional markets

- for the integration of CyanConnode's solution into additional Tier 1 meter manufacturer partners, which will allow CyanConnode to target larger contracts

- for ongoing growth and development

At 9:19am: (LON:CYAN) CyanConnode PLC share price was -0.01p at 0.18p