1st May 2020 11:03
(Alliance News) - Tekcapital PLC on Friday said it has conditionally raised GBP925,000 before expenses for additional working capital.
The IP investment company it has issued 9.3 million shares at a price of 10 pence each. The placing price represents about 13% discount to the closing mid-market price of 11.5p on Thursday.
AIM-listed Tekcapital shares were trading 17% higher in London on Friday at 13.50p each, giving it a market capitalisation of GBP10.6 million.
The company said it intends to invest USD225,000 in Belluscura, through the purchase of 1.2 million shares at 15p each and it will receive a warrant to acquire 600,000 additional shares exercisable at 15p for a period of three years from the date of its investment.
Tekcapital also said it intends to invest USD250,000 in Salarius to support its growth and development and USD50,000 each in Lucyd and Guident to advance their commercialisation programs.
The remaining USD425,000 will be used to further support Tekcapital's portfolio companies or as required for working capital purposes.
"We are pleased to announce the completion of this placing as it will enable us to accelerate the further development of our portfolio companies," said Executive Chair Clifford Gross.
Tekcapital said it will publish its results for the year to the end of November 2019 during May.
By Evelina Grecenko; [email protected]
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