17th Jan 2019 10:30
LONDON (Alliance News) - Photonstar LED Group PLC on Thursday said it raised GBP100,000 via the issue of 500 million shares at 0.02 pence each.
Shares in the lighting solutions manufacturer were trading down 13% at 0.02p.
The net proceeds of the placing will provide the company with additional working capital and enable the firm to evaluate new business opportunities as well as strengthening its balance sheet.
Furthermore, the company issued 60 million shares each at the placing price to Chief Executive Officer James McKenzie and Chair Jonathan Freeman in lieu of unpaid salaries.
McKenzie now holds 94.8 million shares or 5.0% of the firm while Freeman has a 3.9% stake with 73.7 million shares.
The company expects all the shares to be admitted to trading on January 22 after which it will have 1.88 billion shares in issue. The placing was undertaken by the company's joint broker Peterhouse Capital Ltd.
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