B90 Holdings PLC on Friday said it has raised £305,000 via a subscription of 7.6 million shares at a price of 4 pence each.

The issue price represents a 13% discount to its closing price of 4.625 pence each on Thursday, being the last business day before the announcement.

The Isle of Man-based online marketing company’s shares were up 2.7% to 4.75p each in London on Friday midday.

As part of the subscription, 3.6 million warrants were issued on shares with a three year term and an exorcise price of 4.18p to the subscribers.

B90 said the proceeds will be used for working capital and to invest in marketing activities to help support ‘further’ organic growth.

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