Troubled Internet retailer Letsbuyit.com said today had successfully completed its current round of financing after raising a total of more than euro 52 million.
The company, which narrowly avoided bankcruptcy last month, said it would have immediate access to about euro 20 million, with the remainder made available over a period of 12 months, beginning in March once its restructuring has been completed.
In return for the funds, Letsbuyit plans to issue around 125 million shares, it said.
The company said it intended to reach profitability in November 2002 and expects the funds raised in the financing round just ended will be enough to operate beyond that date.
It said it is preparing a request to have its debt moratorium withdrawn as soon as possible.
Letsbuyit secured euro four million in funds last month which helped ward off the threat of bankruptcy, including euro 1.2 million from German private venture capital firm Kimvestor.
A spokesman said the additional euro 48 million raised to complete the financing round had come from existing and new shareholders.
Reuters