Mobile data solutions service provider Crimson Tide (AIM:TIDE) said it had raised £220,000 before expenses after placing 11 million shares at 2 pence per share.
The funds will be used for general working capital and potentially for future acquisitions.
Two directors in Crimson Tide participated in the placing. Graham Ashley subscribed to 1 million shares, or £20,000, giving him a total interest of 5.84% of the issued capital. Rowley Ager subscribed to 1.36 million shares, or £27,200, giving him a total interest of 2.19% of the issued capital.