Location data insight and verification company, Location Sciences, has announced that it has conditionally raised up to £3.85m before expenses, at the placing price of 0.2 pence per ordinary share.
New strategic shareholders include Founder and Group Executive Chairman at Boohoo Group plc, Mahmud Kamani and Founder at Zeus Capital, Richard Hughes.
In February 2021, the company announced that, in part as a consequence of COVID-19, they would continue to face a number of trading challenges and needed to secure additional financial resources.
The Directors believe that the investment from Kamani and Hughes will give Location Sciences more time and greater flexibility to deliver value to the shareholders from the company's two core business units, namely location verification and data and insights.
The funds will be used to continue development and commercialisation of the company's products and services and for general working capital purposes.