GSTechnologies Ltd on Wednesday said it has raised £750,000 through a placing of 75.0 million shares at a price of 1.0 pence each.

This represents a discount of 26% on the closing price of 1.35p on Tuesday. Shares in the Milton Keynes, England-based information technology solutions company were down 15% to 1.15p each in London on Wednesday afternoon.

The fresh cash will be used to accelerate the implementation of the company’s GS Money strategy, including potentially an acquisition, it said.

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