News Column

Cyan Raises GBP3.5 Million In Share And Warrant Placing

July 25, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Cyan Holdings PLC said Friday it has raised GBP3.5 million before expenses via a share placing of 1 billion shares at 0.35 pence each, and 500 million warrants at 0.60 pence each.

Shares in the system and software design company were trading down 16% at 0.380 pence Friday morning.

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 Hume Capital Securities PLC as a joint broker.

Executive Chairman John Cronin said that, to demonstrate the boards confidence in Cyan's opportunities and its commitment to the company, all of the directors of Cyan have agreed to subscribe in the placing for an aggregate amount of GBP100,000.

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Source: Alliance News

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