Praemium raises $3m in placement

Online financial portfolio administration company Praemium (ASX:PPS) has collected just over $3 million in a capital raising.

The company conducted private placements to sophisticated investors at $0.23 per share. The placement was oversubscribed.

Praemium said it had raised around $5.5 million in its current funding round, which commenced late last year and has now concluded.

The proceeds from the placement will be used as operational funding in Australia and the UK.

The new shares will be issued by February 14. They were placed without shareholder approval as part of the 15% limit allowed under the ASX listing rules.

PPS shares declined 3.64% in Wednesday's trading to $0.265.