5th Oct 2015 09:08
LONDON (Alliance News) - Blenheim Natural Resources PLC, formerly Coburg Group PLC, said Monday it has raised GBP141,750 before expenses in a share placing, and reported a widened pretax loss for its most recently ended financial year.
Blenheim placed 315,000 shares in the company at a price of 45 pence per share. Shares in the company were untraded Monday. They last traded at 45p.
The company also is proposing a 100 for 1 share split, which is subject to shareholder approval at its upcoming annual general meeting, to encourage liquidity in its shares.
For the year to end-April the company reported a pretax loss of GBP252,123, widened from a pretax loss of GBP78,786 a year before, mostly as a result of higher administrative costs and a GBP86,832 impairment related to its investment in African Eagle Resources PLC.
Revenue fell to GBP2,361 from GBP3,226 a year before.
The company said its results "reflect the continued downturn in the natural resources sector and the significant rout in commodity prices."
"In spite of these results, the Blenheim board remains quietly confident that the slide in commodity prices may soon touch bottom," the company said in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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