13th May 2016 07:31
LONDON (Alliance News) - Marble quarrying and finishing company Fox Marble Holdings PLC on Friday said it has raised GBP2.0 million through a firm placing and a conditional placing.
Fox Marble said it will issue 20.0 million shares at 10.00 pence per share to raise the funds. Shares in Fox Marble were up 2.3% to 11.00p on Friday morning. The conditional portion of the placing will require shareholder approval, and a meeting will take place on June 1 to vote on the issue.
Fox Marble currently has 159.9 million shares in issue, so the placings will represent about 11% of the enlarged total.
The funds will be used mainly to fund completion of the company's factory in Kosovo and expand its sales and distribution platforms globally. Fox Marble expects the new Kosovo factory to be operational by the summer.
"We believe the completion of the processing facility and expansion of our sales and distribution platforms are key milestones for the company. We expect to be able to produce cut and polished marble slabs in Kosovo during the summer. This will significantly boost our margins as well as open up the Balkan markets for cutting and polishing of regional stone," said Chris Gilbert, Fox Marble's chief executive.
"We have seen significant interest from existing and new customers so far in 2016 and look forward to updating the market on new contracts as and when they materialise," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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