SEC Charges Eleven in Stock Manipulation Ring

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ADVFN aimed to raise more than the cash needed to buy IHub and SI, so they had a little fat for unforeseen exigencies.

ADVFN has also today entered into a placing agreement with Mirabaud Securities Limited ( 'Mirabaud' ) pursuant to which Mirabaud has agreed to use reasonable endeavours to raise an aggregate of up to £2,945,000 by the issue of up to 98,166,667 new ordinary shares in the capital of the Company at 3p per share.

The fund raising is conditional, inter alia, on the Acquisition Agreement becoming unconditional in all respects save for any conditions relating to the placing and admission of the new ordinary shares to trading on AIM. The proceeds of the placing will be used to fund the consideration under the Acquisition Agreement, with the balance to be used for general working capital purposes.