LONDON (Alliance News) - Photonstar LED Group PLC on Wednesday said it raised GBP170,000 via the placing of 1.70 billion shares at 0.01 pence each.
Photonstar shares were trading up 3.0% at 0.01p each on Wednesday afternoon.
In addition to the placing, Non-Executive Directors John Treacy and Jonathan Freeman have conditionally subscribed for a further 240.0 million new shares at the placing price.
The new shares are expected to start trading on AIM on Tuesday next week, following which the company will have 5.33 billion shares in issue.
Furthermore, the company confirmed it intends to call a meeting of shareholders to seek approval to become a cash shell. It also intends to change its name to Bould Opportunities PLC subject to shareholder approval.