By Michele Maatouk
Date: Friday 17 Mar 2017
(ShareCast News) - Frontier IP has raised gross proceeds of £3m through the placing of 7.5m ordinary shares at 40p each.
The company, which specialises in the commercialisation of intellectual property, said the net proceeds will be used to accelerate its growth and develop and expand in areas of key activity in the UK and overseas.
Chief executive officer Neil Crabb said: "We are delighted to announce the successful completion of this fundraising, which was over-subscribed, and welcome the support of both existing and new investors.
"Frontier IP is now well-positioned to accelerate its growth through the development of its existing portfolio and the identification and development of new opportunities in the UK and beyond."
At 1347 GMT, the shares were down 13.4% to 42p.
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