Fitbug Holdings (AIM:FITB) - funding at steep discount and still a tough market
The AIM quoted provider of online personal health and wellbeing services, which we have commented on before, has announced news of a fund raising. We still think this market might be just too crowded, even for a little ‘Bug’ to squeeze in.
The Group has raised £1,665,000 through a combination of the issue of new ordinary shares and the issue of a new Convertible Loan Note to NW1 Investments. A restructuring of all existing loans has also been agreed on favourable terms.
New funds raised will support the product enhancement and marketing and increase sales of the Company’s integrated wearable health technology offering, including Kiqplan and Fitbug Orb;
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