15th Jul 2019 10:18
(Alliance News) - Gfinity PLC said Monday it plans to raise GBP5.3 million through a placing and subscription to raise funds for further investment into growth.
The e-sports services and products provider intends to issue 116.7 million shares at a price of 4.5 pence per share, reflecting a 34% discount to its closing price on Friday last week at 6.5p.
Shares in Gfinity were 27% lower at 4.71 pence on Monday morning.
The shares to be placed represents 24% of the company's enlarged issued share capital, and the placing itself is subject to shareholder approval at a general meeting on July 31.
Allenby Capital and Pareto Securities Ltd are acting as joint brokers for the placing.
Should the placing take place, Gfinity will have 479.6 million shares issued overall.
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