Polemos To Raise GBP410,000 Via Placing And To Return Trading On AIM (ALLISS)

8th Mar 2018 17:16

LONDON (Alliance News) - Polemos PLC said on Thursday that it has terminated the binding agreement announced on September 8 and will not be proceeding with the reverse acquisition of SecurLinx Corp.

Polemos shares were closed down 2.1% at 0.02 pence per share on Thursday.

The UK-based investing company said it intends to raise GBP270,000 through share placing of 2.7 billion shares at 0.01 pence per share.

The company said it expects to return to trade on AIM on March 14.

Novum Securities Ltd and Turner Pope Investments Ltd are acting as joint placing agents in respect of private investors.

Polemos also announced a conditional placing of further 1.4 billion shares at 0.01p each to raise GBP140,000 to fund general working capital purposes and to assist in seeking a new opportunity for a reverse transaction.

The company said its Executive Chairman Hamish Harris has already subscribed for a 4.8% stake, representing 250.0 million shares, worth GBP25,000.

In addition, Polemos is proposing a share consolidation, on the basis of one new share or every one-hundred current shares.

Polemos now has 7.9 billion shares issued overall with no shares held in treasury.

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