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CyanConnode – ANOTHER funding!, just how frequently does it require support on ‘journey to commercialisation’?

By Steve Moore | Friday 17 March 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

CyanConnode (CYAN) is “pleased to announce” a successful equity raise of 1,906,912,392 new shares at 0.17p each. Hang on, haven’t I already heard similar since previously reviewing in August?

At the start of that month the company updated on 14,341,238,130 shares in issue following a £12.6 million, 0.18p per share, fundraising, including to finance a £6.8 million acquisition of Connode Holding AB.

By 3rd October however it was “pleased to announce” a further £1.05 million share subscription at 0.18p per share to be used “for working capital purposes”. There was then a further “Issue of Equity” announcement on 9th November. Surely not another fundraising?

Yep – the company was “pleased to announce” (natch) a further £1.21 million raise, this time at 0.20p per share.

Now there is a further £3.2 million set to be raised “to support the company on its journey to large scale commercialisation” – taking the shares in issue up to a ridiculous 17,809,983,407.

Chairman John Cronin considers “this funding round was driven by investors seeking a substantial capital gain”, but when is this 'seeking' going to be hit by yet more dilution John? Just how frequently does this company need support “on its journey to large scale commercialisation”? Natch, I continue to avoid.

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