25th Mar 2020 16:09
(Alliance News) - Star Phoenix Group Ltd on Wednesday said it has raised GBP565,000 through the issue of 23.6 millon shares at 2.2 pence each.
The stock was trading 15% higher at 1.15 pence each on Wednesday afternoon in London.
In January, the oilfield services firm said it signed a subscription agreement with Thesolia Ltd, which will see the investor take a 20% stake in company. As part of the agreement, Thesolia will have the right to appoint two non-executive directors to Star Phoenix's board.
On Wednesday, Star Phoenix said the subscription has completed and proceeds gained will be used for general working capital purposes.
Following admission of the new shares, the company's share capital will comprise 141.4 million shares.
By Ife Taiwo; [email protected]
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