(Alliance News) - Arkle Resources PLC on Friday said it raised GBP252,000 through the placing of 50.4 million shares at 0.5 pence each.
The stock closed 13% lower at 0.70 pence each on Friday in London.
The proceeds realised from the placing will be used to provide capital to fund Arkle for 2020 as well as to maintain ongoing exploration activities.
Following admission, Arkle's share capital will comprise of 182.7 million shares.
Financial Director James Finn subscribed for 2.5 million shares, bringing his total shareholding to 11.6 million shares, around 6.3% of Arkle's enlarged share capital. Non-Executive Director David Cockbill subscribed for 2.5 million shares, bringing his shareholding to 2.9 million shares, around 1.6% stake in Arkle. Chief Executive Patrick Cullen subscribed for 2.5 million shares, taking his total shareholding to 2.8 million shares, around 1.5% of Arkle's enlarged share capital.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Arkle Res (ARK)