16th Jun 2016 15:38
LONDON (Alliance News) - Raven Russia Ltd Thursday said the proposed placing of convertible redeemable preference shares has raised above the minimum target to total GBP108.7 million.
The company originally announced the fundraising last month and said it was aiming to raise a minimum of GBP105.5 million.
Raven Russia said it received commitments from existing investors for 3.1 million convertible preference shares more than the minimum target - issuing a total of 108.7 million shares.
Shareholders need to approve the fundraising at a meeting on July 6.
The convertible shares would be listed in the Channel Islands Securities Exchange and convertible at 55.00 pence per share.
The funds raised by the company will be used to back any acquisition opportunities and will improve Raven's debt profile, it said. Raven is a property investment company focused on commercial real estate in Russia.
Raven Russia shares closed up 4.5% to 34.75 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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