IN BRIEF: MicroSalt raises over GBP1 million through subscription
MicroSalt PLC - London-based provider of low-sodium salt products - Closes "significantly oversubscribed" subscription, which is "the primary component" of its fundraising. Subscription conditionally raises gross proceeds of approximately GBP1.3 million through the issuance of 9.2 million shares at 14 pence each. The fundraising also comprises a proposed director subscription and retail offer. Each fundraising share will have one warrant attached, entitling the holder to subscribe for one new share at an exercise price of 14p. MicroSalt expects the director subscription to raise approximately GBP140,000, bringing the anticipated total gross proceeds to GBP1.4 million. The retail offer gives existing shareholders, who have not participated in the subscriptions, the opportunity to subscribe for up to 714,285 shares at the issue price, to raise up to GBP100,000. MicroSalt says it expects the retail offer to open on Friday at the London market open, and close on Tuesday evening.
Current stock price: 16.00 pence, up 13% on Thursday in London
12-month change: down 70%
By Emma Curzon, Alliance News reporter
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