Interecede PLC raised a total of approximately £5.0m (the “Fundraising”) through the issue of £4.495m of convertible loan notes (“CLNs”) which are convertible at 68.8125p and a subscription for up to 877,192 ordinary shares of 1p in the Company (“Ordinary Shares”) at a price of 57.0p per Ordinary Share. The net proceeds of the Fundraising will be used to continue to support the Company’s main areas of selective investment, including:
- The development of mobile security applications involving interoperability with technologies such as iOS, Android, Windows and BlackBerry.
- The establishment and launch of MyTAM, a cloud-based service that enables organisations such as app developers, service providers, banks and media streaming companies to load apps into the TEE built into chipsets in a rapidly increasing proportion of Android devices.
- Increased collaboration with major industry players such as Intel, Microsoft, ARM and Citrix.
- Creation of a dedicated Intercede Services team focused on delivering Intercede solutions into the consumer market.
- Enhancing the core MyID platform to support US Standard FIPS 201-2 compliant derived credentials, thereby extending Intercede’s dominant position in the US federal government PIV market to mobile devices.
- Re-engineering and expansion of the MyID platform as a cloud-based service to improve scalability to consumer levels and to ensure that all of the new areas of opportunity are supported.
- Sales and marketing to promote and protect the MyID, MyTAM and RapID names and technology and to build industry relationships…….
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