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(Alliance News) - Braveheart Investment Group PLC on Monday said its holding in biotechnology firm Kirkstall Ltd has increased to 80% after a loan conversion.
Braveheart's shares were up 52% at 38.00 pence in London in afternoon trading.
The fund manager converted GBP60,000 of its convertible loan, the entire loan amount provided, into Kirkstall to shares. This takes Braveheart's stake to 80% from 65%.
On Friday last week, Braveheart raised GBP350,000 though a placing of 1.6 million shares at 22 pence each. This was carried out due to demand following Wednesday's GBP275,000 fundraise.
Braveheart wholly-owns UV detector developer Paraytrech, holds a 52% stake in Pharm 2 Farm, and a 20% stake in drive shaft monitoring business Gyrometric. It also has a 25% in imaging software firm Phasefocus and a 38% stake in medical instrument maker Sentinel.
By Anna Farley; annafarley@alliancenews.com
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