Wayfinder to raise an additional US$11.1 million

Wayfinder to raise an additional US$11.1 million
Wayfinder announced its intention to raise an additional US$11.1 million (SEK 75m) on the market. Preference is given to the existing shareholders; for each five shares, shareholders are entitled to subscribe for three new shares in Wayfinder. The company is listed on the NGM (Nordic Growth Market) Equity stock exchange since 21 October 2005.

According to the press release issued by the company: “Wayfinder continuously needs to develop its applications and adapt them to various handsets and operators. This will be of particular importance in view of the co-operation agreement with one of the world's leading handset manufacturers announced recently (read our article here). This type of co-operations requires solid finances in order to be a credible partner on a global basis”.

Nevertheless, the board notes: “The sales of Wayfinder applications will however not accelerate until the end of the year and during 2008 and onwards”.

The decision is subject to approval by the annual general meeting. The subscription period will be open 28 May – 11 June 2007.

Tuesday, April 24th 2007

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