(Alliance News) -Â Financial advisory firm Alpha Growth PLC on Wednesday said it has raised GBP500,000 through a placing initiated and completed by Pello Capital Ltd, its newly-appointed broker.
The proceeds were raised at a price of 1.40 pence per share, a discount of 18% to Tuesday's closing price of 1.7p, with a total of 35.7 million shares issued. The proceeds will be used to fund development of the Alpha growth and income strategy and other general working capital purposes.
"I and the directors are pleased to be working with the team at Pello and very much appreciate their support of Alpha's business strategy. Their commitment to the company and delivering exceptional service was clearly demonstrated through the swift completion of the Pello initiated placing," said Alpha Chair Gobind Sahney.
Shares in Alpha Growth were down 11% at 1.44 pence in London on Wednesday.
By Lucy Heming;Â email@example.com
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