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Swedish IP set-top box manufacturer, Tilgin (note: the company was formerly known as i3 micro technology), says that it has raised approximately 46 million SEK minus costs (approximately $6.3 million) via a share issue targeted at current shareholders and holders of option rights and convertible debentures. The company says that the goal of the share issue was to meet its short-term need for working capital and to finance product and business development. The issue consisted of 6,610,477 shares, priced at 7 SEK each. Every two shares held by current shareholders–and that holders of options rights or convertible debentures were entitled to subscribe for or convert to respectively–gave the right to subscribe to one new share. Tilgin says that the share issue was oversubscribed. After the issue, the total number of shares in the company will be 18,728,870. The company says that its goal of breaking even during the second half of 2006 remains unchanged, and that it also plans to list its shares before the end of the year. "This is very good news for the company," Tilgin CEO, Jan Werne, said in a prepared statement. "We are currently in an exciting phase and this share issue strengthens our financial position and paves the way for continuous investments in our products and business until we reach profitability. We are now better positioned to benefit from the fast growing IP-based telephony and TV solution market. Our growth strategy remains unchanged. During the period between January and June this year, Tilgin has grown over 300%, compared to the same period last year."

Originally Published: September 27, 2006 in [itvt] Issue 6.96 Part 1

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