LONDON (Alliance News) - Leisure and property sector-focused investor Clear Leisure PLC on Wednesday said it has raised GBP200,000 through the placing of 22.2 million shares at 0.9 pence each.
The funds will be used to accelerate the buyback of certain subsidiaries' bank debts, which Clear Leisure said will result in a "substantial improvement" to its balance sheet.
Clear Leisure added that it will issue one warrant for every one placing share with an exercise price of 1.5p. The warrants may be exercised at any time within six months.
"Today's fund raise is directly a response to new institutional investor demand, and allows an increase in the company's free float, whilst enabling a materially beneficial retirement of subsidiary debt at high discount," Chief Executive and Chairman Francesco Gardin said in a statement.
Shares in Clear Leisure were trading down 13% at 1.02 pence on Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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