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LONDON (Alliance News) - Alpha Growth PLC said Monday it has raised GBP400,000 through the placing of 20.0 million shares at a price of 2.0 pence per share.
Shares in the senior life settlement-focused financial services firm fell 13% to 2.04 pence on Monday.
Proceeds from the placing will go towards strengthening the company's cash position as it progresses its plans and accelerate the expansion of Alpha's recent acquisition of Alpha Longevity Management Ltd in July for GBP1.
The expansion includes the acquisition of specialist services and the retention of experts and support staff.
"We are pleased to have received such good support from our corporate brokers as well as both new and existing shareholders in completing this placing. These proceeds will be used to achieve certain service contracts which will strengthen our market position, product offering and investor relevance. We are now positioned to accelerate our business development pipe and are excited about the growth prospects of the group in the near term," said Chairman Gobind Sahney.