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LONDON - The Smarter Web Company PLC (AQUIS:SWC | OTCQB: TSWCF | FRA: 3M8) announced Monday it has placed 6,057,914 new ordinary shares, raising £19.7 million before expenses in its current subscription tranche.
The shares were placed at approximately £3.25 per share over a three-week period from July 7 to July 25, with the company expecting to receive about 97% of the proceeds early this week, according to a press release statement.
This placement represents part of a larger 14,000,000 share tranche, with 7,942,086 shares still to be placed. The company plans to provide updates on subscription proceeds every two weeks going forward.
The Smarter Web Company indicated it expects to sign a new subscription agreement once the current tranche is complete, with terms likely to remain unchanged from the current agreement.
"We wanted to update shareholders with the current tranche, and this also enables the proceeds to be settled early this week," said Andrew Webley, CEO of The Smarter Web Company in the statement.
The London-listed technology company offers web design, development and online marketing services. Since 2023, the company has accepted Bitcoin as payment and maintains Bitcoin as part of its treasury reserves.
The company trades on the Aquis Stock Exchange under the ticker SWC, on the OTCQB market as TSWCF, and on the Frankfurt Stock Exchange as 3M8.
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