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News

Druces’ Capital Markets team has advised GSTechnologies Ltd, the fintech and information technology solutions company, on a placing and subscription to raise gross proceeds of £1,335,100 through the allotment and issue of 63,576,190 shares of no par value, at a price of 2.1p per share. In addition, participants in the placing and the subscription have been issued with one warrant for every five shares exercisable at 2.1p per share at any time up to one year from admission.

The funds raised from the placing and the subscription will be principally used to accelerate the implementation of the group’s strategy, in particular covering planned sales and marketing costs, and the costs of further development and implementation of the Wise MPay technology, including in relation to the acquisition of Angra Limited, which remains subject to FCA approval.

David Smith and Jack Dervyn led Druces’ Capital Markets team on this transaction and Jack commented: “It’s beneficial to be able to assist our clients swiftly with potential opportunities when they present themselves. The funds raised will aid GST’s future plans and it was a pleasure to work with the board and wider team on another successful fundraising.”   

Tone Goh, Chairman of GST, observed: “The New Year has got off to a flying start for GST and this fundraising builds upon the investor commitment from the second half of 2021. Jack and David worked across various timezones to help us get the fundraising over the line, and I am very pleased with their commercial and legal advice”.    

Further information

Further details of the fundraising can be found at:

London Stock Exchange

For more details about our capital markets services, please speak to:

  • Jack Dervyn on +44 (0)20 7216 5528 or j.dervyn@druces.com

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