Milestone Group has raised gross proceeds of £517,220 through a placing of 172,406,670 new shares at 0.3p each.
The Company also advises that £60,000 of proceeds has been received from certain of the Broker Placees in respect of the placing originally announced on 20 October 2016.
“These Broker Placees have also agreed to subscribe for a further 24,000,000 Ordinary Shares at par, providing the Company with additional gross proceeds of £24,000, the effect of which is to allow these Broker Placees to effectively subscribe at 0.3 p per share in respect of the new issue of equity and the October 2016 Placing when aggregated.
“Accordingly, in aggregate, the Company will receive gross proceeds of £601,220 in relation to the new issue of equity and receipt of funds from the October 2016 Placing.
“An amount of £1,325,000 remains outstanding in relation to the October 2016 Placing. The Company remains in discussion with the remaining Broker Placee and, as already announced, intends to pursue the Company Placee (as defined in the 7 December 2016 announcement) in respect of the £1,250,000 outstanding from it.
“Application has been made for the 196,406,670 Ordinary Shares to be admitted to trading on AIM (“Admission”). These new Ordinary Shares will upon Admission rank pari passu with the existing Ordinary Shares. Admission is expected to occur on or around 21 December 2016.”
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