LONDON (Alliance News) - Minoan Group PLC said Monday it has raised GBP525,000 through the placing of 21.0 million shares at 2.50 pence per share.
Shares in Minoan were down 7.4% at 2.50 pence each.
The travel and leisure company said GBP100,000 of the proceeds raised came from directors.
The net proceeds, Minoan said, will be used to provide general working capital to support development of its resort project in Crete and to "settle certain existing liabilities".
Additionally, the company agreed to settle liabilities totalling GBP250,000 by the issue of a further 10.0 million shares, also priced at 2.50p.
Application will be made for the admission of 31.0 million shares to be traded on AIM on or around Friday.
Following the admission, Minoan will have 259.9 million shares in issue.
The placing was organised by Cornhill Capital Ltd.
Minoan (MIN)