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LONDON (Alliance News) - Minoan Group PLC said Thursday it has raised GBP550,000 from placing 9.2 million shares at a price of 6.00 pence each with institutional and other investors.
The proceeds will be used for general working capital as well as the development of its resort project in Crete.
Chairman Christopher Egleton said: "I am very pleased to raise these funds, which will provide working capital and enable Minoan to continue to pursue the development of its project in Crete.
"Furthermore, the board and I are pleased to welcome Cornhill to the Minoan team at a time of significant change and the re-focusing of our efforts on the Crete project following the impending sale of the Travel and Leisure division."
Shares closed down 24% Thursday at 6.20p each.
