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Supply@Me Capital PLC on Friday said it intends to raise £320,855 through an open offer, as part of its ‘capital enhancement plan’.
Back in April, the London-based inventory monetisation platform had announced plans to raise £7.5 million via an equity agreement with Venus Capital SA. The funds raised were to be used to repay convertible loan notes and the balance of a loan note instrument to Mercator Capital Management Fund LP.
As part of this plan, Supply@Me on Friday announced an open offer of up to 641.7 million new shares at a price of 0.05 pence each.
Venus Capital will subscribe for any open offer shares not taken up, it added.
In other news, Supply@Me said it continues to focus on completing its first inventory monetisation transactions, through its strategic alliance with VeChain Foundation, a blockchain enterprise service provider.
Supply@Me also is scrutinizing its internal performance, and as a result its directors are reviewing the company's relationship with TradeFlow, its wholly-owned subsidiary.
‘The review is aimed at maximising value creation and positioning of both TradeFlow and the company for long-term growth, in line with the applicable laws and regulations,’ it said.
Supply@Me added that it has not set a definitive schedule to complete this internal review and no decision on any particular transaction or alternative has been reached at this time.
Shares in Supply@Me were up 6.0% to 0.087 pence each in London on Friday morning. The stock is down 72% over the past 12 months.
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