News

Timestrip, the smart labels supplier, has raised £562,500 by placing 25 million new shares with Monaco-based private investor Graham Platts.

The shares, which represent around 6% of the company's issued share capital, are expected to start trading on the Alternative Investment Market (AIM) on 15 August.

Timestrip has also entered into an unconditional agreement to raise a further £437,500 through an additional placing of shares with the investor.

Timestrip has appointed Graham Platts to the board as a non-executive director.

Paul Freedman, joint chief executive of Timestrip, said: "We are delighted to have taken this opportunity to further strengthen the finances of the company at an important stage in our development, and to have increased the strength of the board through the addition of Graham Platts.

"Graham brings with him a wealth of commercial experience and a proven track record in developing fast-growth companies."

In April Timestrip said it was urgently looking to raise funds through an equity placement on the AIM before it ran out of cash at the end of May.