(Alliance News) - Gunsynd PLC on Thursday said it has raised GBP600,000 through a share placing, more than its entire current market value.
The investment company said it has placed, through its broker Peterhouse Corp Finance, 92.3 million shares at a price of 0.65 pence each. The placing price represents a 3.7% discount to the closing mid-market price on Wednesday.
AIM-listed Gunsynd shares were trading 0.7% higher in London on Thursday at 0.68p each, giving it a market capitalisation of GBP506,740.
Gunsynd said placees will also receive one warrant for every three shares subscribed for, exercisable at 1.3p and expiring on the second anniversary of the date of issue. In aggregate, 30.8 million placing warrants have been conditionally issued.
The net proceeds of the placing will provide the company with additional funding, it said, to progress its activities and make investments in line with its stated investing policy.
Following the placing, the company will have 149.0 million shares overall, it said.
Several directors have participated in the fundraising, with Hamish Harris subscribing for 2.0 million shares, raising his stake in the firm to 1.9%. Director Donald Strang, meanwhile, acquired 4.0 million shares, raising his holding to a 5.1%.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Gunsynd (GUN)