1st Oct 2018 11:54
LONDON (Alliance News) - Two Shields Investments PLC said Monday it has raised GBP500,000 via a placing of 250.0 million shares at 0.2 pence each with some of the proceeds being invested in social media platform WeShop.
Shares in Two Shields were untraded Monday but last closed at 0.21p each. Following the placing, Two Shields' issued share capital will total 1.59 billion.
The AIM-listed investment company said the proceeds will be invested in line with its strategy of investing in technology-related mineral projects, digital assets and "disruptive" technologies.
A portion of the net proceeds, GBP200,000, will be used for a further investment in WeShop, a "digital platform focused on enhancing the online shopping experience by combining social media's assets of reviews, likes, and shares with an engaging retail e-commerce offering, specifically tailored to the individual user".
Following the investment, Two Shields will hold an interest in 1.2% of WeShop's issued share capital.
Chairman Charlie Wood said: "We had an opportunity to up our stake in WeShop and believe that the potential upside warrants returning to the market. WeShop is backed by high profile investors and led by a team with first rate knowledge and experience in the retail sector, and we believe is ideally placed to capitalise on its early mover advantage and become a global leader in the rapidly growing social e-commerce sector.
"Two Shields shareholders will not have to wait until the mid-term for value driving activity across our portfolio. As well as WeShop's planned listing on London's Main Market which will provide a read across valuation for Two Shields' interest, results from drilling activity across our lithium assets in Mali and Niger are expected in the coming weeks as is an update from global cybersecurity company Brandshield."
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