(Correcting description of CyanConnode.)

CyanConnode Holdings PLC - Cambridge, England-based designer and developer of narrowband radio frequency smart mesh networks - Says on Monday, it intends to raise around £5 million from share placing to new and existing institutional investors. The shares are priced at 17 pence each. It is equal to the closing price on Friday last week. Plans to use the net proceeds to further strengthen the company’s balance sheet.

Updates Tuesday morning that it successfully raised £5.3 million, placing 30.9 million shares at 17p.

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