(Alliance News) - Tri-Star Resources PLC said Friday it has raised GBP316,000 through the subscription of 987,500 shares at 32 pence each.
Shares in the mineral processor were 3.7% higher in London in midday trade at 33.70 pence each.
Tri-Star said the net proceeds raised from the subscription will go towards general working capital requirements.
The new shares, which make up just over 1.0% of the company's enlarged share capital, are expected to be admitted to London's junior market on Wednesday. Following admission, Tri-Star will have 95.2 million shares in issue.
Tri-Star said majority shareholders Odey Asset Management LLP has subscribed for 625,000 shares in the subscription, taking its holding in the AIM-listed firm to just over 72%.
By Paul McGowan; paulmcgowan@alliancenews.com
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