Corporate lawyers act on Mobile Tornado share placingPrint news article
Corporate lawyers at Walker Morris have advised Mobile Tornado Group plc on its conditional share placing of 22,500,000 new ordinary shares at 2 pence each to raise £1.35 million before expenses.
The Harrogate headquartered group will use the share placing to fund the working capital requirements of the Company through to anticipated cashflow breakeven, including to support the roll-out of existing contracts with Tier 1 mobile network operators.
Richard Naish from the Corporate Department at Walker Morris, advised Mobile Tornado.
Mobile Tornado provides Instant Communication services for mobile devices, with a focus on enterprise workforce management. The Company’s main applications are Instant Talk (Push To Talk); Instant Locate; Instant Alert and Instant Message. By using these services with conventional mobile devices it allows communication with one or many employees simultaneously, to monitor employee locations, and immediately be alerted of major issues.
Agreements with leading mobile network operators around the world have seen increased rates of adoption of Mobile Tornado’s technology and the growth in revenues as the Company expands it services.
Richard Naish, Corporate partner at Walker Morris said:
“We previously advised Mobile Tornado on a share placing in 2013 and since then the Company has continued to see an increased adoption of its communication technology. This funding will allow the Company to strengthen its balance sheet and invest in its products to ensure continued market leading functionality.”