Ultimate Sports Group's shares tumble on fundraising

17th Dec 2015 10:19

(ShareCast News) - Ultimate Sports Group stock tumbled on Thursday after announcing it had raised £200,000 through the placement of 1m shares in the company.The proceeds of the placement will be used for working capital to help grow the number of coaches who use its online sport coaching platform, ultimateplayer.me. The platform is designed to improve the engagement of children aged four to 11 in sports including football, rugby, tennis, cricket, boxing and golf.The company said it "aims to deliver revenues through online purchases of merchandise and virtual rewards by parents looking to reward and incentivise their children".Shares fell 10.13% to 25.05p at 0908 GMT.