RE: MoU23 Sep 2021 18:06
· The Company has conditionally raised £1.5 million (before expenses) through a conditional placing of 1,666,666,667 Placing Shares at 0.09 pence per Placing Share.
· The Placing Price represents a premium of approximately 2.9% to the closing mid-market price of 0.0875 pence per ordinary share on 22 February 2021.
· The Company will issue 833,333,340 warrants to subscribe for new ordinary shares in the Company (the "Placing Warrants") at a price of 0.125 pence per Ordinary Share exercisable for a period of 18 months from Admission (as defined below), resulting in each subscriber in the Placing being issued with 1 Placing Warrant for 2 Placing Shares subscribed for.
· The net proceeds of the Placing will be used to take advantage of investment opportunities and for general working capital purposes.
· The Placing is subject to shareholder approval at the General Meeting on 11 March 2021. If approved, the Placing Shares are expected to be admitted to trading on AIM on 16 March 2021 ("Admission").
· The New Ordinary Shares will represent approximately 12.1% of the share capital of the Company as enlarged by the Placing.
The Company has a strong pipeline of new investment opportunities and the Board believes the net proceeds from the Placing, estimated to be £1.375 million, will enable the Company to be able to take advantage of new investment opportunities as and when they arise. As at the date of this announcement, the Company holds investments in nine investee companies and has cash resources of c.£1.4 million.