19th Mar 2019 11:50
LONDON (Alliance News) - Photonstar LED Group PLC on Tuesday said it raised GBP200,000 via the placing of 1.67 billion shares at 0.012 pence each.
Photonstar LED shares were trading down 2.0% at 0.015p each on Tuesday around midday.
For every two shares issued, one warrant will be attached with an exercise price of 0.02p each and a life of 12 months.
Photonstar said that the placing's net proceeds will enable it to carry out a reverse takeover of a suitable target, and any outstanding warrants will convert into ordinary shares at that time.
The company added that it was "pleased to announce" that existing shareholder Antos Glogowski maintained his shareholding at 14.22%.
Admission of the new shares to trading is expected on April 6, if approved at a general meeting of the company on April 5.