Blackbird PLC on Thursday announced a placing to raise up to £1.1 million before expenses, in order to help grow its browser-based end-to-end content creation tool.
The London-based technology licensor, developer and seller of cloud video editing platform will raise the funds via a placing of 17.5 million new shares at 6.0 pence each.
Certain members of the board, Blackbird added, are intending to subscribe for an aggregate of approximately £70,000, of which £50,000 will be subscribed for by Chief Executive Officer Ian McDonough and members of his family.
The proceeds will be used to help grow Blackbird’s elevate.io product, which is its new browser-based end-to-end content creation tool.
Blackbird shares were trading 11% lower at 6.12 pence each in London on Thursday afternoon. The company has a market cap of £22.6 million.
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