30th Dec 2013 13:50
LONDON (Alliance News) - CIC Capital Ltd Monday said it has agreed with Bergen Global Opportunity Fund LP to cancel a share purchase and convertible securities deed announced on December 9.
The consulting and advisory company, which focuses on mining and energy infrastructure, said Bergen, a New York-based fund, had expected to pay roughly GBP3.4 million in a private placement of CIC shares and to subscribe for convertible securities in the amount of GBP250,000.
The proceeds from the issue of the shares and the convertible security were expected to be used by the company for general working-capital purposes.
The company said the decision was made by mutual consent and thanked Bergen for its flexibility. It didn't provide a reason for the reversal.
CIC Capital shares were up 30% to 6.50 pence, making it the third biggest AIM gainer Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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