Intandem has raised £684,000 through a placing of 11,400,000 new ordinary shares in the company.
London-based sales and financing company Intandem has raised £684,000 after a placing of 11,400,000 new ordinary shares of 0.1p at 6p in the company, a premium of 14.3% on the closing price of 5.25p on 10th January 2011.
Investment company SF T1ps Smaller Companies Growth Fund purchased 4,416,667 shares in Intandem, for a share total in the company of 14,956,667, which equates to a 12.8% holding.
Shares in Intandem are currently up 16.67% or 0.88p today.
With the number of films handled by Intandem doubling in 2010, this latest funding boost will improve the company’s balance sheet after a rocky 2009 and assist the outfit’s desired growth.
Commenting on the placing, Intendem CEO, Gary Smith, said: “The investment by several high net worth individuals and a successful fund represents an important vote of confidence in Intandem. Due to the increased number of films we have in the pipeline for the year, we will have additional sales expenses ahead of the anticipated revenue. As part of the company’s low risk strategy, the board decided to raise additional equity which puts the company into a positive cash position with no debt.”
Intandem’s The Veteran, which will be screened in Berlin and released in the UK in April 2011 by Revolver, has reportedly done close to $1m pre sales to date.