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Primorus Investments PLC - investment firm - Will invest up to GBP350,000 in special purpose acquisition company Alteration Earth PLC, which will be conducted in two parts, a seed round and a subscription round.
The seed round will be funded at 4 pence per share and the subscription round at 10p each, each round consisting of 2.5 million shares.
Following the investment, Primorus will hold 5.0 million shares in Alteration, reflecting a 28% interest.
"We believe the opportunity to participate early in the evolution of Alteration and particularly in this area of the market represents a significant opportunity to add tangible value for Primorus shareholders," says Executive Chair Rupert Labrum.
Current stock price: 3.75 pence, down 3.9%
Year-to-date change: up 7.1%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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