Shares in the system and software design company were trading down 16% at
It will use the proceeds from the placing for general working capital, business development, customer deployments and further product development work.
The company cited several uses of the funds, including building further production samples of its Cyan retrofit smart-metering solution, deploying and supporting its India Smart Grid pilot opportunities, and developing its commercial opportunities into additional emerging markets amongst others.
The placing was managed by
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