(Alliance News) - Cash shell Richland Resources Ltd on Thursday said it has raised GBP100,000 through an equity issue to go towards any potential future takeover.
The company has placed 83.3 million new shares with existing major shareholder Mark Greenwood and new investors at a price of 0.12 pence per share, a 17% discount to the company's share price on Wednesday.
Shares in the company were down 17% at 0.12p each in London on Thursday afternoon.
Greenwood currently holds 163.3 million shares in Richland and with the placing shares will hold, in aggregate, 204.9 million shares, around a 19% stake.
By Tapan Panchal; tapanpanchal@alliancenews.com
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