Cyan makes double placing ahead of 'crucial phase'

Cyan Holdings, an integrated system and software design company, has made two placings, as a result of which just over 602m shares will be issued at 0.35p each.

The placing will raise £2.1m before expenses, which will be used for general working capital requirements, business development and other product development work as set out below.

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The firm said that without the placing it would not have sufficient funds to take advantage of current opportunities, but said it "remains in an outstanding position to secure substantial revenues from a very large market and, to a large extent, the placings represent the cost to the company of securing that position".

Cyan added: "It is therefore essential to our growth strategy that the company approaches this crucial phase in its life in the strongest position possible."

The share price fell 17% to 0.39p by 11:01

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