Immediate Acquisition PLC on Wednesday said it has raised £8 million via a placing of new shares, which will be used to fund its reverse takeover of Fiinu Holdings Ltd.

Immediate Acquisition, formally Immedia Group PLC, is an AIM-listed cash shell.

On Tuesday, Immediate Acquisition announced plans to acquire Fiinu Holdings via a £37.5 million reverse takeover. The cash shell added that it was looking to raise £8.0 million via a placing at 20 pence per share, to partly fund the acquisition.

On Wednesday, the cash shell said it has raised £8.0 million via a placing of 40.1 million new shares at a price of 20p each.

Non-Executive Director Mark Horrocks and his family interests bought a total of 17.5 million in shares at the placing price, worth £3.5 million.

Once the acquisition is complete, the cash shell plans to change its name to Fiinu Group.

Following this news, Immediate Acquisition’s shares have been temporarily suspended from trading on AIM, pending the admission of the new shares.

Shares in Immediate Acquisition were untraded at 20p each in London on Wednesday afternoon.

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