News
Prospective fundraising of approximately £1m
29 April 2010
On 24 February 2010, TyraTech announced its unaudited preliminary results for the year ended 31st December 2009. In his statement and operational review the Chairman noted that whilst the Company's cash balance was "lower than we would like and though we believe that this could be sufficient to fund the business through 2010 and beyond, the margin for slippage would be limited and the potential of the business may not be fully realised."
Whilst the board believes that the business of the Group continues to perform broadly in line with expectations, it is aware, based on current cash flow forecasts and the likely timing of certain cash receipts due to be paid in June, that the Company's working capital headroom may fall to below £50,000 during the latter half May.
Accordingly, the board announces that it is commencing a fundraising to provide adequate short term working capital headroom. The Company has currently received expressions of interest from potential subscribers totalling approximately £1 million such that the board is confident that this fundraising can be concluded shortly.
A further announcement will be made in due course.
For further information please contact:
| TyraTech Inc. Alan Reade, Executive Chairman www.tyratech.com |
1 (321) 409 - 7720 |
| Nomura Code Securities Chris Collins / Richard Potts www.nomuracode.com |
+44 (0)20 7776 1200 |
| Buchanan Communications Lisa Baderoon/ Catherine Breen/Stasa Filiplic www.buchanan.uk.com |
+44 (0) 20 7466 5000 |
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