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Pinnacle fundraises £300,000 for growth

PINNACLE Technology has raised £300,000 growth capital from investors in a fund-raising supported by chief executive Alan Bonner.

The Scottish IT services business said the funds will be used to implement its growth strategy through the hiring of sales staff and to enable further trials of its new high-speed wireless broadband service.

AIM-listed Pinnacle said it has created an IT services business with a strong base of recurring revenues, operating in niche, high growth markets such as data and multi-site connectivity through acquisitions.

"The company's customer base of 3000 businesses across the UK represents a significant platform for future growth and these funds will be used to grow the sales team across the UK," said Pinnacle.

Pinnacle Technology, which has its headquarters in Stirlingshire, issued 100,000,000 new ordinary shares of 0.1p each at 0.3p per share to raise £300,000, before expenses. The placing was supported by private and institutional investors.

Mr Bonner acquired 3,333,333 shares at a cost of £10,000. Following the placing he has 224,722,483 shares, representing 9.72% of the enlarged share capital.

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