18th Sep 2015 16:42
LONDON (Alliance News) - Reabold Resources PLC said Friday it has raised GBP200,000 through the placing of 40 million shares at a price of 0.5 pence, and reported a narrowed pretax loss for the first half of 2015.
For the half year to end-June the resources investment company reported a pretax loss of GBP34,000, narrowed from a loss of GBP76,000 a year before, as a result of lower administrative costs. It did not post revenue in either period. It said it was pleased with the positive progress of its investment in private resources company Mogul Ventures Corp.
Mogul agreed to be acquired by Knowlton Capital Inc in February in a reverse takeover. "Presently, there are positive signs for tin projects and we look forward to Mogul's future in the public markets," Reabold said.
Reabold will use the proceeds of the placing to provide additional working capital for the company. Reabold said that having successfully raised further capital, it is "moving forward positively to drive shareholder value through" its investment strategy.
"Whilst the board believes there are positive cyclical investment opportunities in resources stocks, they may be subject to significant volatility in financial markets and commodity prices, as well as other potential risk areas, including operational, geological, environmental, sovereign issues and access to capital," Reabold said in a statement.
"The board will evaluate investment opportunities in other sectors as they arise. The board is positive towards the outlook for quality investment opportunities," Reabold said.
Shares in Reabold last closed at 1.35 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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