11th Dec 2019 13:34
(Alliance News) - Minoan Group PLC on Wednesday said it has completed a fundraising and now expects to finalise a commercial transaction with an interested party next year.
The AIM-listed investment company said it has been actively exploring interest from a range of "serious" parties operating within the UK, the Middle and Far East as well as Greece. Minoan said it is now considering a number of different types of commercial transactions with a view to entering into more formal arrangements.
The company said it expects to be able to confirm and move forward with the "most appropriate" transaction in the first quarter of 2020.
In addition, Minoan said it has concluded the firm subscription for cash, raising GBP200,000. The company said it issued 7.3 million shares at a price of 2.75p each.
The stock was trading 6.7% lower in London on Wednesday at 2.10 pence each.
Minoan said it has also agreed to settle some liabilities by the issue of a further 8.5 million shares at the subscription price.
Following the admission, the company will have 435.0 million shares overall, it said.
By Evelina Grecenko; [email protected]
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