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LONDON (Alliance News) - Symphony Environmental Technologies PLC Tuesday said it has raised GBP500,000 after it issued 5 million new shares at 10.0 pence each to existing and substantial shareholder Somerston Group.
Following the transaction, Somerston Group holds over 27.2 million shares in the company, giving it an 18.2% stake. Prior to the deal, Somerston held a 15.4% stake in Symphony.
In addition, 2.2 million warrants have been granted to Somerston. The warrants are exercisable for three years at an exercise price of 15.0 pence per share and would generate proceeds to the company of GBP330,000 if exercised.
Symphony shares were up 6.6% at 9.20 pence Tuesday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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