15th Apr 2016 09:09
LONDON (Alliance News) - FinnAust Mining PLC Friday said it has issued shares in order to settle outstanding fees that it owes to its nominated adviser, SP Angel Corp Finance LLP.
FinnAust said it has issued 481,928 shares in the company to the adviser, representing around a 0.09% stake in the company.
FinnAust shares were trading up 9.5% to 4.05 pence per share on Friday morning.
Based on the closing share price on Thursday, the day before the shares were issued, those share would be equal to a payment totalling GBP17,542.
SP Angel was to be issued warrants over 625,000 shares in FinnAust back in December as part of the advisory fee linked to FinnAust's acquisition of Bluejay Mining Ltd, and said Friday those warrants have now been formally granted.
Those warrants can be exercised at a price of 2.0 pence per share within a five-year period.
By Joshua Warner; [email protected]; @JoshAlliance
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