Tasty raising £3.25m to pay down debt

(Sharecast News) - Casual dining restaurant operator Tasty announced a conditional firm placing and open offer to raise up to £3.25m before expenses on Friday.The AIM-traded company said the firm placing had been undertaken with new and existing institutional investors.It said the proposed conditional firm placing would raise £3.0m through the issue of 75,000,000 shares to new and existing institutional and other investors, at a price of 4p each.The proposed open offer would raise up to around £0.25m through the issue of up to 6,294,262 open offer shares to qualifying shareholders, also at a price of 4p each.Tasty said the net proceeds of the transaction would be used to pay down debt, and for general working capital purposes.The transaction remained conditional on a general meeting, to be held at 1100 BST on 1 May."This is an important fundraise for Tasty as it will enable us to continue our strategic plans with vigour," said chairman Keith Lassman."We are delighted with the level of investor support for the placing and we would like to thank our shareholders for their continued support."