UK CRM vendor AIT has raised approximately £2.74 million before expenses through an institutional share placement at a price of 60 pence per share.
One million pounds of the proceeds will be used to repay an oustanding IMA Loan Note, under a negotiated settlement between the firms that effectively clears a balance sheet liability of $3.5 million.
The remaining cash will be used to further strengthen AIT's balance sheet, says Nick Randall, chief executive officer of AIT.