Silverbullet raises £0.2m to fund working capital

(Sharecast News) - Silver Bullet Data Services announced on Friday that it has raised £0.2m through the issue of convertible loan notes, providing additional working capital to support growth in its AI-driven 4D product and services offering. The AIM-traded firm, which trades as Silverbullet, said the funding was secured under the terms of its existing convertible loan instrument announced in June 2023, with the conversion price amended to 36p.

It said the proceeds would help meet increased demand and support the ongoing expansion of its digital transformation services.

Silverbullet said it was continuing to focus on scaling its solutions across a growing customer base.

"We are pleased to announce this convertible loan note funding, which provides the company with further working capital to support the accelerating demand from both new and existing clients who are choosing Silverbullet to enhance their data and technology infrastructure," said chief executive officer Ian James.

At 1041 BST, shares in Silver Bullet Data Services Group were up 1.45% at 42.1p.

Reporting by Josh White for Sharecast.com.