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earthport raises £3.2 million from private placement of stock
By Sheri Kasprzak
New York, Oct. 21 - earthport plc said it has completed a private placement for £3.2 million.
The company received commitments to buy shares at prices ranging between 31.5p and 41.8p each.
The funding may be drawn upon over the next six months as needed.
The company had previously noted that it intended to raise between £4 million and £5 million but will now need to raise only £3 million to £4 million.
Separately, earthport refinanced £1.25 million in debt with cheaper debt with a longer maturity.
Based in London, earthport provides electronic payment services to corporate clients.
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