21st Jan 2019 11:12
LONDON (Alliance News) - Modern Water PLC said Monday that it raised GBP587,470 via a share placing of just over 9.0 million shares.
Modern Water shares were trading down 18% at 6.64 pence each on Monday.
The company said that 9.0 million shares have been placed by Turner Pope Investments Ltd at 6.5 pence each. In addition, Modern Water placed 38,000 shares at the same price.
Furthermore, Modern Water granted warrants over the 9.0 million shares placed at a price of 9.75p to investors and over other 540,000 shares at a price of 6.5p to a Turner Pope nominee, all exercisable within two years.
The company expects the new shares to start trading on AIM next Monday, after which it will have 113.3 million shares in issue.
Chief Executive Officer Simon Humphrey said: "We are delighted to receive additional support from new investors introduced by Turner Pope Investments. The net funds will be applied towards working capital, in particular increasing specific inventory in the pursuit of additional contracts and we look forward to updating the market of such in the near term."
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