Tekcapital PLC (LON:TEK), the UK intellectual property (IP) investment group focused on creating marketplace value from university technology, is looking to raise £740,000 via a placing to fund investment in key activities.

In a statement, the AIM-listed firm said the proposed placing will be of 14,800,000 new ordinary shares at 5p per share, with SP Angel acting as the company’s nominated adviser and joint broker with Novum Securities in connection with the fundraising.

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The company said the proceeds are expected to be used to further develop the commercialisation of the company’s portfolio of IP technologies, strengthen its balance sheet and for working capital requirements.

Clifford M. Gross, Tekcapital’s executive chairman, said: “We are pleased to announce this financing round which we believe will accelerate the progress of our portfolio companies and create significant additional value for our investors.”