10th Mar 2016 09:40
LONDON (Alliance News) - Sula Iron & Gold PLC on Thursday said it raised a total of GBP210,000 through subscription agreements with an existing investor and three directors.
Sula said it raised GBP190,000 through issuing 118.8 million shares to Jub Capital Ltd, an existing investor in the business, at 0.16 pence per share. Sula shares were down 7.7% to 0.180p.
It raised a further GBP20,000 through subscription agreements with Chief Executive Nicholas Warrell and Non-Executive Director Howard Baker, plus Des Congdon, a director of its Blue Horizon (SL) Ltd subsidiary, at the same price.
Warrell bought 6.3 million shares, while Baker and Congdon bought 3.2 million apiece. Warrell now holds 56.0 million Sula shares, giving him a 6.2 stake in the business. Baker holds 6.8 million or a 0.8% stake, while Congdon owns 5.6 million, or 0.6%.
By Sam Unsted; [email protected]; @SamUAtAlliance
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