By Ian Walker
Shares of B90 Holdings PLC rose 29% on Wednesday after the company said it has raised a further 1.1 million pounds ($1.4 million) via convertible loan notes and will use the money for growth and general working-capital purposes.
Shares at 1317 GMT were up 1.40 pence at 6.25 pence.
The online marketing and operating company said that the three-year notes are convertible from Jan. 1, 2024, at the request of the owner, and carry a coupon of 10% a year.
“The business has continued to perform in line with management expectations and our recent fundraisings are being deployed to invest in marketing operations and customer service. Investment in our business operations is driving organic growth and we are making meaningful progress in identifying value-accretive acquisitions,” Interim Executive Chairman Ronny Breivik said, adding that the company is confident in its future prospects.
B90 most recently raised GBP500,000 through subscriptions for convertible loan notes by existing investors.
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