29th Oct 2019 11:05
(Alliance News) - Two Shields Investments PLC said Tuesday it has raised GBP1.0 million through an oversubscribed placing, which will go towards further investments into BrandShield and WeShop.
BrandShield is an anti-counterfeiting, anti-phishing and online brand protection firm, while WeShop is an e-commerce-focused social network platform. Two Shields currently has an 11% shareholding in BrandShield and 6.7% stake in WeShop.
Two Shields raised GBP1.0 million through the issue of 1.00 billion shares at a price of 0.10 pence per share, a 29% discount from the company's closing price on Monday at 0.14p.
Shares in the diversified investment firm - which is headquartered in London - were 10% lower at 0.13p on Tuesday.
Using the proceeds, Two Shields will invest up to GBP400,000 into BrandShield, and other GBP400,000 into WeShop, which will lift the company's interest in WeShop to 8.2% from 6.7%.
"I would like to welcome our new Investors and thank existing investors for their continued support as Two Shields continues its journey and transition into the next phase of development. I have spent a considerable amount of time with both BrandShield and WeShop and I am very excited about prospects and growth trajectory," said Chair Andrew Lawley.
Also on Tuesday, Two Shields said that Kalahari Key Mineral Exploration Pty Ltd, in which the investment firm has a 18% interest, has selected five targets in the Molopo Farms Complex project as the focus for an initial drilling programme.
The Molopo project is a nickel-copper-platinum group metals exploration project in Botswana.
Kalahari Key will implement gravity surveys over the five drill targets, to eliminate any chance that the targets are graphite rather than sulphide bodies, as the former would be of interest.
"Kalahari Key are rapidly advancing in Botswana to a position where they can drill the high priority targets. The initial programme will cover five very strong conductor targets and will optimise the chance of making a discovery," said Chief Executive Paul Johnson.
Following the issue, Two Shields will have 4.45 billion shares issued overall.
By Dayo Laniyan; [email protected]
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