9th Nov 2016 15:51
LONDON (Alliance News) - Milestone Group PLC said Wednesday that, despite raising GBP1.4 million in a share placing in October, GBP1.3 million remains outstanding.
It has received GBP135,000 of the placing funds, but the remainder, which is receivable from an FCA regulated entity, is outstanding.
Milestone said it has been in talks with the undisclosed counterparty to resolve this but has been unable to, and its broker has terminated its relationship with the counterparty.
Milestone noted that it currently has limited working capital and is managing its existing cash balance carefully.
"The company is in active discussions with alternative sources of financing and a further announcement in relation to this matter will be made in due course. There is no guarantee that further funding will be available to the company," Milestone said.
Shares in Milestone were down 29% at 0.799 pence following the news.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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