LONDON (Thomson Financial) - Phorm Inc confirmed that it is planning an institutional placing of new shares at a premium to yesterday's closing price.
The technology company specialising in online advertising said it intends to use the proceeds to continue the implementation of its targeted advertising platform with internet service providers (ISPs).
Phorm said it has entered into heads of agreement with a number of ISPs to use its platform.
The company made the announcement in response to the recent rise in its share price. TFN.newsdesk@thomson.com ssr/faj/slm COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.