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(Sharecast News) - Seeen said on Wednesday that it has raised £0.74m in gross proceeds through the exercise of 14.8 million warrants, and a subscription for 1.7 million new shares at 4.5p each.
The AIM-traded video commerce technology firm said the additional funds would be used for general corporate purposes, including promotion of its technology products and repayment of outstanding loans.
It said the warrants, originally issued during fundraisings in mid-2024, were exercised at the same price as the new subscription shares.
"I am delighted that 70% of our warrant holders have elected to exercise their warrants with more than one year to maturity, which we consider reflects their confidence in the group's progress over the last 12 months," said chief executive officer Adrian Hargrave.
"These funds will further strengthen the group's financial platform to continue the momentum from 2024 when we increased revenues by approximately 50% versus the previous year and achieved our first month of operating cash flow breakeven.
"I look forward to delivering further growth for our shareholders across all aspects of our business."
Reporting by Josh White for Sharecast.com.
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