(Alliance News) - Gunsynd PLC on Friday noted a subsidiary of Rogue Baron PLC received backing from a US institutional investor.
The London-based investment firm owns a 17% stake in UK beverage company Rogue Baron.
Aquis-listed Rogue Baron on Thursday said its wholly owned US subsidiary, Shinju Spirits Inc, has received an investment of USD1.0 million from a US institutional investor.
The investment comprised of USD750,000 in cash, and USD250,000 worth of business enhancement services provided by the investor to support the sales growth of the company's signature brand, Shinju Japanese Whisky.
In return for the investment, the investor will receive USD750,000 worth of preferred shares and USD250,000 in warrants to purchase common stock in Shinju Spirits.
Following the exercise of the warrants, the investor will hold 22% of Shinju Spirits, and Rogue Baron will own 60% with the balance belonging to certain employees.
Shares in Gunsynd ended up 2.5% to 0.15 pence in London on Friday, meanwhile Rogue Baron shares were flat 0.43 pence.
By Elijah Dale, Alliance News reporter
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Gunsynd (GUN)