Defenx raises £1.5m in placing and subscription

Mobile security software solutions company Defenx announced a conditional placing and subscription of 1,897,500 new ordinary shares of £0.018 each on Friday, at a price of 80p per share, raising gross proceeds of approximately £1.52m.

The AIM-traded firm said the fundraise consists of a placing of 1,647,500 new ordinary shares with certain existing and new institutional and other investors and a subscription of, 250,000 new ordinary shares by the executive directors.

It said the net proceeds of the placing and subscription, together with existing cash resources, will be used to enable the company to accelerate software development work and for general working capital purposes.

“We are very pleased by the support shown by both existing and new shareholders in the placing,” said Defenx CEO Andrea Stecconi.

“These funds will enable us to accelerate the development of our software, both to enhance existing products and to develop and test new products.

“These products are being developed in response to customer demand and this fund raising will ensure we can bring new products and features to the market quicker than previously envisaged.”