17th Jun 2015 07:10
LONDON (Alliance News) - Sefton Resources Inc saw its shares drop by more than a third early Wednesday after it raised GBP799,500 gross by placing 1.23 million shares at a discounted 0.065 pence a share.
It also issued 615 million warrants to subscribe for shares at the same price. The warrants expire the sooner of August 31 or the the third business day after the company announces that it has secured further financing. The warrants were issued on a one for two ratio to the placing subscribers, which were all clients of Novum Securities.
"The company confirms that the new placing proceeds will be used to accelerate the company's objective of acquiring interests in new production, development and/or exploration assets with use of proceeds being to continue to undertake further due diligence on certain assets," it said.
Its shares were down 41.8% at 0.0815 pence in London early Wednesday.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
SER.L