Location Services to fund US push with £3m placing

26th Nov 2018 12:24

(Sharecast News) - Data intelligence outfit Location Sciences plans to raise £2.3-3m at a slight discount to fund a push into the US and other countries, as well as some extra funding for its UK and European development.AIM-listed Location Sciences has priced the issue of new shares at 2.25p each, with the maximum number of placing shares being offered in the placing representing roughly 63.5% of its total share capital.Showing investors how well it has been doing in its home market, the company formerly known as Proxama revealed that it had reached the milestone mark of £100,000 of monthly revenues in October - more than double the revenue run rate it recorded just two months earlier.The strong performance had been driven by growth in its UK data insight division and the recently launched Verify project, which is designed to authenticate the accuracy of location-based advertising campaigns."The company has signed contracts with two major UK media buying agencies in recent weeks, which includes London agency the7stars. The directors believe that these recent contacts are a significant proof point in the rollout of Verify," said the firm.As of 1220 GMT, Location Sciences shares had slipped 4% to 2.50p.