CyanConnode Holdings PLC on Wednesday said it plans to raise about £2.5 million through a placing and subscription of shares.

CyanConnode is a Cambridge, England-based narrowband radio frequency mesh networks provider.

The shares are priced at 10 pence each. This represents a 1.0% discount to the closing price of 10.10p on Tuesday.

Shares in CyanConnode closed up 4.0% to 10.50p in London on Wednesday.

‘The net proceeds of the fundraising will be used to further strengthen the company’s balance sheet, to fund long lead time critical components and to fund resourcing required to manage the scale-up of the company,’ CyanConnode said

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