Phorm raises £3.2m in placing and subscription

7th Aug 2015 14:09

(ShareCast News) - Phorm has raised £3.2m before expenses through the placing of 57.06m shares and a subscription for 7.4m, both priced at 5p per share.The closing mid-market price of the company's existing ordinary shares on 6 August was 6.25p and Phorm said it plans to use the proceeds for general working capital purposes.Following admission to trading on AIM, the placing shares will represent around 6.99% of the company's enlarged issued ordinary capital share.Phorm is an internet personalisation technology company.At 1418 BST, Phorm shares were down 0.8% at 6.20p.