Forbidden Technologies raises £3m to support further sales

Cloud video platform owner Forbidden Technologies raised £3m to help finance further sales support and working capital.

The AIM-listed company raised the £3m from the issue of 30m shares at 10p each in two tranches conducted by Allenby Capital.

Of the funds raised about £2.24m is conditional on the approval of shareholders at a meeting on 28 December to provide authority to the directors to issue and allot new shares, rather than on an a pre-emptive basis.

About £2.81m will be used to finance sales support, product development and for working capital.

Chief executive Aziz Musa said: "We are building an increasingly strong pipeline of opportunities and the funds raised will help support our sales ambitions. This is an exciting time for the company and the board is committed to ensuring growth continues and is optimised as we look to move towards profitability and cash generation."

Shares in Forbidden Technologies were down 10.4% to 10.08p at 1157 GMT.