Path Investments PLC - energy and natural resources investment company - Raises GBP3.5 million, triple its current market capitalisation, through the subscription and placing of 1.4 billion shares at 0.25 pence each. Every two new shares will come with one warrant exercisable for one more share at 0.25p and one warrant exercisable for one share at 0.5p, both within the next five years. Says it will use the new cash to support its investment strategy of owning and operating a diversified portfolio of long-life assets.
"We are delighted with the support we have received for the fundraise. We look forward to concluding the prospectus approval process in the coming weeks and believe that the proceeds from the fundraise will help facilitate our search for acquisition opportunities in line with our investment strategy," says Chief Executive Christopher Theis.
Current stock price: 0.48p for GBP1.1 million market cap
By Ife Taiwo; ifetaiwo@alliancenews.com
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