By Devika Patel
Knoxville, Tenn., July 7 - Phorm, Inc. said Tuesday that it will raise £2 million in a private placement of shares.
The company will sell 1,176,000 common shares at 170p apiece.
Mirabaud Securities LLP is the agent.
Proceeds will be used to continue the implementation of the company's services in Brazil and other markets and for general working capital purposes.
London's Phorm is a digital technology company specializing in behavioral and contextual online advertising.
| Issuer: | Phorm, Inc.
|
| Issue: | Common shares
|
| Amount: | £2 million
|
| Shares: | 1,176,000
|
| Price: | 170p
|
| Warrants: | No
|
| Agents: | Mirabaud Securities LLP
|
| Pricing date: | July 6
|
| Stock symbol: | London: PHRM
|
| Stock price: | 150p at close July 6
|
| Market capitalization: | £27.5 million
|
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