CloudCall raises up to £5.7m

CloudCall has conditionally raises up to £5.7m to capitalise on near term growth opportunities.

CloudCall said it had raised £3.5m, before expenses, through a placing of 2,457,774 new ordinary shares at 143.5p each and that it had conditionally raised around £2.2m, gross, through a placing of 1,505,226 new ordinary shares at the same price, subject to receipt of advanced assurance from HMRC and to the passing of resolutions at the general meeting.

The group said the transaction was oversubscribed and the placing price represented a 5.3% discount to last night's closing price of 151.5p.

Cloudcall said it would seek to accelerate a number of strategic growth initiatives following the conclusion of the placing.

It said that over the past 12 months, management had demonstrated the effectiveness of the group's focused sales strategy through accelerating integration and sales within its key CRM providers, in particular Bullhorn.

At 8:01am: (LON:CALL) Cloudcall Group Plc share price was -1.5p at 150p