RealTime IT News

GlobalNetFinancial.com Raises $70 Million in Europe

Freeserve partner GlobalNetFinancial.com announced Thursday that it has raised around $70 million from European investors and through a public listing in the UK.

Trading of the new shares started Thursday on the London Stock Exchange and on the Alternative Investment Market (AIM) under the symbol GLFA.

"Due to our ever expanding business activities as an early mover within the European Internet landscape, we are receiving a tremendous amount of exposure and interest throughout Europe and especially London," said Stanley Hollander, president and CEO of GlobalNetFinancial. "An AIM listing will facilitate sponsorship and interest in our common stock outside of the United States."

The GlobalNetFinancial.com offering to the European financial institutions was the equivalent of more than 3 million shares of its common stock. The shares offered in the UK comprised a new class, convertible to its common stock in a 10:1 ratio.

Trading on AIM began with the GlobalNetFinancial.com shares standing at around $50.

The company said the share offering was oversubscribed. Proceeds of the financing will be used for the extension of GlobalNetFinancial.com's money and finance portals as well as for joint ventures.

GlobalNetFinancial.com recently launched UK insurance venture InsuranceWide.com. In October this year it introduced its first revenue generating trading platform, MatchbookFX, which offers foreign exchange trading facilities to investors.

GlobalNetFinancial.com plans to use its finance sites to create an global network of online brokerages for US stocks, UK stocks, Canadian stocks and trades on other foreign exchanges.