LONDON (Alliance News) - ZincOx Resources PLC Friday said it received applications for 86% of the shares it made available under an open offer in July, meaning it raised GBP100,000 less than the zinc recycling company was targeting.
In July, ZincOx announced an open offer to raise GBP1.1 million at a price of 13.0 pence per share. On Friday, Zincox said it received applications for 7.5 million shares, 86% of the shares available under the open offer, to raise a total of GBP1.0 million.
When combined with the proceeds from the placing in July of 16.1 million shares at the same price, ZincOx has raised a total of GBP3.1 million.
Four members of the board also participated in the placing, some purchasing their first shares in the company. Chairman Rod Beddows purchased his first 822,500 shares in the company to take a 0.45% stake in ZincOx.
Chief Financial Officer Simon Hall also bought his first 163,100 shares in the company to take a 0.09% stake.
Chief Executive Andrew Woollett boosted his holding after he subscribed to 992,556 shares to take his holding up to 6.3 million shares, representing a 3.45% stake, whilst Non-Executive Director Gautam Dalal bought 468,920 shares to up his holding to 1.2 million shares for a 0.65% stake.
ZincOx shares were down 1.0% to 12.50 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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