Tern plc (LSE:TERN), the AIM-listed investor focused on Internet of Things technology companies, has raised £222,000 through an equity placing involving the issue of 37 million new ordinary shares at a price of 0.60 pence each.

The fundraising follows the company’s earlier open offer and utilises most of the remaining share issuance authority approved by shareholders at Tern’s recent general meeting.

Management said the net proceeds will be used for the same strategic purposes outlined in connection with the previous open offer, with additional details on the allocation of funds from both capital raises expected in due course.

Admission of the new shares to trading on AIM is…