Communications business launches subscription to raise £425,000

Mobile Tornado has launched a subscription for 21,250,000 new ordinary shares of two pence each, representing about 5.1% of the existing issued ordinary share capital of the company, to raise around £425,000.

Also, 21,250,000 warrants over ordinary shares have been issued to participants in the subscription, with one warrant being granted for every subscription share subscribed for.

Each warrant will entitle the holder to acquire one ordinary share at the issue price for a period of three years following the date of admission.

Harrogate-headquartered Mobile Tornado specialises in push-to-talk mobile communications.

It says the net proceeds of the subscription will be used to fund the consolidation of the company’s research and development centres and further the development of its business development initiatives.

This includes the appointment of a business development manager based in Taiwan, who will spearhead the launch of Mobile Tornado’s proposition into the Asia Pacific region.

Jeremy Fenn, chairman and acting CEO, said: “Since we reported our half year results on 26 September 2024, I’m pleased to confirm the business has continued to scale up its sales and business development operation.

“We are in discussions with a number of new partners and end customers across our key markets in South America, Africa and the Middle East.

“We have also recently appointed an experienced business development professional to manage the APAC region. This will be the first time the company has had a dedicated function in this region and we are excited about the potential for this market.

“As well as further supporting our business development initiatives, the funding will help facilitate the consolidation of our research and development operation.”