1st May 2020 11:29
(Alliance News) - Braveheart Investment Group PLC on Friday said it has raised an additional GBP350,000 through the placing of a further 1.6 million shares at 22 pence each.
Shares in the fund management company were trading 7.1% lower at 22.30 each on Friday morning in London, giving it a market capitalisation of GBP6.26 million.
Braveheart said proceeds from the oversubscribed placing - which was carried out due to demand following Wednesday's GBP275,000 fundraise - will be used to fund additional investments in Paraytech Ltd, Pharm 2 Farm Ltd, Kirkstall Ltd, Gyrometric Systems Ltd, Phasefocus Holdings Ltd and Sentinel Medical Ltd.
Barnsley-based Braveheart wholly-owns UV detector developer Paraytrech, holds a 52% stake in Pharm 2 Farm, and a 65% stake in biotechnology firm Kirkstall. It has a 20% stake in drive shaft monitoring business Gyrometric, 25% in imaging software firm Phasefocus and 38% in medical instrument maker Sentinel.
"We were delighted with the response from the market to our first fundraising announced on April 29. Continuing demand over the last two days from investors wishing to subscribe to our company's shares has now been satisfied by a second placing. The already robust balance sheet of Braveheart has been strengthened significantly, allowing our ambitious development plans to be accelerated," said Chief Executive Trevor Brown.
Following admission of the placing shares, the company will have 31.4 million shares in issue.
By Ife Taiwo; [email protected]
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