LONDON (Alliance News) - Glenwick PLC on Thursday said it has conditionally raised GBP350,000 before expenses through the placing of 233.3 million new shares at 0.15 pence each, citing demand from professional investors.
"This further demonstration of support for Glenwick from the professional investment community and provides the necessary funding to enable us to press forward with delivering on our investing strategy. The board believes that these further funds, combined with the company's existing cash resources, are expected to be sufficient to provide the company with the funds required to undertake any required pre-completion work to execute this strategy," Chairman Cameron Pearce said.
"Shareholders should rest assured that the company is committed to delivering news regarding implementation of this strategy in the short-term," Pearce said.
Shares in Glenwick were down 1.0% at 0.148p on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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