20th May 2015 09:55
LONDON (Alliance News) - Investment vehicle Challenger Acquisitions Ltd Wednesday said it has received GBP2.2 million of the GBP3 million raised via a convertible loan note issue and expects the remaining funds to be received in the next 25 days.
The notes will be used to strengthen the company's balance sheet and back a future acquisition.
"We are very pleased that new investors and existing shareholders have provided additional capital for our company. Whilst there may be additional demand for our funding instrument, we are keen to move forward with our acquisition strategy," said Executive Chairman Mark Gustafson.
Shares in Challenger were up 2.1% to 38.3 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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