Rosslyn Data Technologies, a U.K.-based data-analytics company, has announced its plans to raise a minimum of £3.3 million ($4.2 million) through a share placing and subscription. The company also aims to secure up to £500,000 through a separate retail offer. These funds will be utilized to drive revenue growth, achieve profitability, and explore exciting innovation opportunities.
Share Placing and Subscription
Rosslyn Data Technologies revealed that the shares will be offered at a price of 0.5 pence each, mirroring the closing price of business. This share offering is expected to generate the minimum target amount of £3.3 million.
Retail Offer for Existing Shareholders
In addition to the share placing and subscription, the company has issued a retail offer for existing shareholders. This offer presents an opportunity for retail shareholders to participate in the fundraising by purchasing up to 100 million new shares at a price of 0.5 pence each.
Utilization of Proceeds
The raised capital from these initiatives will provide Rosslyn Data Technologies with the means to drive further revenue growth and achieve profitability. Additionally, it will enable the company to explore the potential of emerging technologies, such as generative AI. Chief Executive Paul Watts expressed excitement about capitalizing on these innovation opportunities.
In conclusion, Rosslyn Data Technologies is set to raise a minimum of £3.3 million through a share placing and subscription, accompanied by a separate retail offer for existing shareholders. The proceeds will support the company's growth objectives and facilitate its exploration of cutting-edge technologies like generative AI.