14th Apr 2015 14:52
LONDON (Alliance News) - MoneySwap PLC Tuesday said it has raised GBP2.3 million by issuing new shares in a private placement with Broad Rivers International Ltd, a move which gives the investor a 24% stake in the company.
Under the placing, Broad Rivers has subscribed for 287.5 million new shares in the payments company at a price of 0.8 pence each.
"We are delighted to announce this placement which significantly strengthens the financial position of the company. The net proceeds of the placement will, inter alia, be used to support our UK growth strategy," Richard Proksa, chief executive, said in a statement.
In addition, the company issued 28.7 million new shares at 0.8p each to company directors to pay for fees they worked for between 2012 and 2015.
It also issued 5.9 million new shares at 0.8p each to shareholder Heng-Jui Lin in settlement of consultancy fees owed to him for 2014 and 2015, which will increase the investor's stake to a 10.25% holding in the company.
MoneySwap shares were untraded on Tuesday. The stock last traded at 0.90p.
By Samuel Agini; [email protected]; @samuelagini
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