16th Dec 2019 14:33
(Alliance News) - Sabien Technology Group PLC on Monday said it has raised GBP300,000 through placing of 200 million shares at 0.15 pence per share.
The placing price represents a discount of 12% to the closing price on Friday of 0.17p per share.
Shares in the energy reduction technologies provider were trading 13% higher at 0.19p per share on Monday afternoon in London.
Sabien intends to use the placing proceeds to provide additional working capital for the continued development of the company.
Executive chair, Richard Parris said: "The funds raised will increase the company's flexibility to respond to a number of possible business opportunities while the board continues to determine its strategic options. "
Sabien said that Parris also participated in the placing and bought 33.3 million shares at the placing price.
Parris said: "I hope my participation in this placement demonstrates that my interests are aligned with those of our shareholders."
In October, Sabien said it had commenced a business review to evaluate options for broadening the company's strategic focus into the green sector, particularly in the health and medical rehabilitation destination sectors.
By Ife Taiwo; [email protected]
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