20th Jan 2020 17:00
(Alliance News) - Oilfield services firm Star Phoenix Group Ltd on Monday said it has signed an agreement with Thesolia Ltd, which will see the investor take a 20% stake in company.
Star Phoenix will issue 23.6 million shares to Thesolia at 2.21 pence each, raising GBP520,000.
As part of the subscription agreement, Thesolia will have the right to appoint two non-executive directors to Star Phoenix's board.
Star Phoenix shares closed 10% higher at 2.20 pence each in London on Monday.
By Eric Cunha; [email protected]
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