Squire Sanders has advised the full-service broking and advisory house and AIM nominated adviser Peel Hunt LLP, in relation to an equity fundraising by Peel Hunt’s client, Proxama plc. The fundraising involved an institutional placing with a view to raising £8.6m million (gross). The funds raised will be used to support Proxama's geographic and commercial expansion. Part of the fundraising is conditional on the approval of Proxama’s shareholders.

Proxama is a provider of mobile commerce, loyalty and payment solutions. Proxama uses Near Field Communications technology which connects the physical and digital worlds to enable consumers to pay for goods and services, participate in and benefit from loyalty programmes and access information and marketing material through their mobile phones.

Proxama’s shares are listed on the AIM Market of the London Stock Exchange.

The Squire Sanders Corporate team advising on the transaction was led by London partner Giles Distin.