19th Jan 2017 17:45
LONDON (Alliance News) - Regency Mines PLC Thursday said it has raised GBP50,000 through a Live Market Bookbuild utilising the Teathers mobile application.
The bookbuild was oversubscribed, and the company placed 12.5 million shares at a price of 0.4 pence each with one for one warrants exercisable at a price of 0.8 pence for twenty-four months.
Shares in Regency Mines closed up 6.7% at 0.400 pence Thursday.
Regency said the purpose of the placing was to increase its working capital.
"Given that the placing was at market price, and was only open for subscription for one and a half trading days, the fact that it closed oversubscribed is a vote of confidence both in the company and in the App. We believe this will prove a useful tool for companies such as ourselves when they seek efficient access to market capital, and wish to offer existing shareholders transparent access to share issues. We are pleased to have been a pioneer in demonstrating the concept," said Chairman Andrew Bell in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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