31st Jan 2014 09:58
LONDON (Alliance News) - Mentum Inc Friday said it has raised GBP375,000 before expenses through a subscription for 125 million new shares at 0.3 pence each to three investors, and will use the funds to make investments in the resources and energy sectors and meet the costs of a potential reverse takeover.
"The company is in the advanced stages of reviewing an opportunity, although there can currently be no guarantee that this may lead to a reverse takeover. We will provide an update for shareholders at the earliest possible opportunity, Chairman Peter Moss said in a statement.
Mentum shares were down 15.4% at 0.55 pence Friday morning as th subscription price set a new benchmark.
By Steve McGrath; [email protected]; @SteveMcGrath1
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