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Built Cybernetics Targets GBP3 Million Fundraise Amid Ecolibrium Deal

MT Newswires·10/08/2026 05:30:57
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05:30 AM EDT, 10/08/2026 (MT Newswires) -- Built Cybernetics (BUC.L) is looking to raise gross proceeds of 3 million pounds sterling in conjunction with the planned acquisition of artificial intelligence platform developer Ecolibrium. The smart buildings group aims to secure 2.3 million pounds through a conditional placing of new ordinary shares at 0.015 pound apiece, according to a Thursday release. Built Cybernetics will also enter into equity subscription letters for 600,000 pounds and convertible loan agreements for 500,000 pounds. The company will also launch a conditional retail offer of up to 10 million new shares to raise a maximum of 150,000 pounds. Proceeds will also be used to fund the product development and commercial growth of the enlarged group following the deal, as well as for the working capital requirements of the Airtel Africa roll-out and existing operations.