2ergo raises £1.4m in placing
Monday, November 28, 2005
2ergo group plc, the AIM listed provider of convergent mobile communication solutions, has raised approximately £1.4 million net of expenses by way of a Placing of 882,353 new Ordinary Shares at a price of 170 pence per Ordinary Share.
2ergo raised £3 million, before expenses, at its flotation on AIM in March 2004. The group has expanded into a number of new areas including the US and has recently upgraded its Multiserve Platform, significantly increasing capacity.
The proceeds of the Placing will be used to develop the mobile security protocol which it acquired IP rights for in September. Branded as 2safeguard, this technology can be used to provide the highest levels of data security for any mobile transaction, whether person-to-person or person-to-machine.
Barry Sharples, Joint Managing Director of 2ergo group said: “The proceeds of the flotation have been well utilised and our investor support remains extremely strong. This latest fundraising will facilitate the continued rapid growth we have experienced to date by providing 2ergo with the opportunity to capitalise on the 2safeguard acquisition and placing the group in a good position to expand both organically and via further acquisition.”
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