12th Sep 2013 09:01
LONDON (Alliance News) - AfriAg PLC Thursday said it had raised GBP600,000 through a placing and equity swap deal, and will use the funds to row its agri logistics business in Africa.
It said it had secured the deal with YA Global Master SPV, Ltd. at 2.06 pence a share, a 10% premium to Wednesday's closing mid-market price. YA Global has agreed not to dispose of any shares for an initial two month period, AfriAg said in a statement.
Under the deal, YA Global has subscribed for a total of 29,126,213 new AfriAg shares, worth GBP600,00 in total, of which GBP300,000 will be paid under an equity swap agreement. AfriAg will receive a base amount of GBP25,000 a month for 12 months, with the final amount dependent on moves in its share price.
AfriAg shares were up 13% at 2.119 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Afriag Global