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(Alliance News) - Braveheart Investment Group PLC on Monday said it has exercised 10 million options over shares in Remote Monitored Systems PLC, and has also sold 120 million shares in the firm.
Braveheart on Friday exercised 10 million options over shares in RMS at an exercise price of 0.5p per share, for a total cost of GBP50,000.
The company also said it sold 120 million shares RMS shares on Thursday and Friday at a weighted average price of 2.6265p each, raising gross proceeds of GBP3.2 million.
"The net funds receivable by Braveheart are primarily intended to fund the Covid-19 test project, as required and assuming it continues to deliver the results necessary to justify continuing the project, being conducted by Paraytec Ltd through to a point where it is ready for commercial launch," said Braveheart.
Following the sale, Braveheart holds 390.0 million RMS shares, representing just over a 25% stake. Following the admission to AIM of the RMS option shares, Braveheart will own 400.0 million shares, nearly a 26% stake.
Shares in Braveheart were up 7.3% at 53.12p in London on Monday. RMS shares were down 5.5% at 2.29p.
By Lucy Heming; lucyheming@alliancenews.com
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