Digital Barriers, a provider of surveillance technologies to international homeland and defence markets, has conditionally placed 7.17m new ordinary shares at 145p per share to raise approximately 10m pounds after expenses for the company to further implement its stated strategy.
Tom Black, Executive Chairman of Digital Barriers, said: "Our shareholders have again demonstrated their continued support for our business and their understanding of our strategy and goals through their response to our placing. We remain excited by the opportunities for growth that lie ahead."
The purpose of the placing is to raise funds to be used by the company to further implement its stated strategy. In particular, the directors intend to use the net placing proceeds to finance the acquisition of a fourth core technology, which is currently in advanced discussions.
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Digital Barriers was established in 2009 and works with governments, multinational corporations and system integrators across defence, law enforcement, critical infrastructure, transport and natural resources, delivering intelligent surveillance information from remote, hostile and mobile environments.
Shares in Digital Barriers rose 1.69% to 150p per share at 12:43 on Thursday.
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