(Alliance News) - Escape Hunt PLC said Friday it has raised GBP4.0 million through the issue of shares and loan notes, the proceeds of which will go towards the roll-out of owner-operated sites, operational improvements and working capital purposes.
The escape room operator issued 46.6 million shares at a price of 7.5 pence per share through the placing, raising GBP3.5 million in total.
The placing was conducted through an accelerated bookbuild, for which Shore Capital Stockbrokers and Zeus Capital acted as joint brokers.
GBP165,000 was raised through a subscription of 2.2 million shares, and GBP340,000 through the issue of convertible loan notes.
The issue price reflected a discount of 21% to the closing price on Thursday of 9.50 pence. Shares in Escape Hunt closed down 3.7% at 9.15 pence on Friday in London.
Looking ahead, Escape Hunt plans to open a further 5 to 6 UK owner operated sites within a year of the fundraising, as the company expects property market conditions to offer highly attractive opportunities when the time comes.
"The strong support received from our shareholders, both existing and new, in the current challenging market is hugely welcome. I am also delighted that the board has also committed to contribute significantly to the placing and subscription, demonstrating all of our directors' strong belief in the growth strategy and potential of the group. The business has made strong progress in recent years and I believe that, as a result of the actions taken, we are well placed to emerge from the Covid-19 crisis well and to resume our recent positive momentum," said Chief Executive Officer Richard Harpham.
Following the issue, Escape Hunt now has 76.2 million shares overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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