Pires Investments said broker Peterhouse Corporate Finance Ltd has raised £525,000 gross for the company via the issue of 17.5m new shares at a placing price of 3p each.
Proceeds of the Placing are to be used to provide the Company with additional funds for working capital and investments.
The placing price represents a discount of 20% to the mid-market price of 3.75 pence per ordinary share at the close of business on 1 November 2016, being the latest business day prior to this announcement.
Placees will also receive one warrant for every two placing shares subscribed for.
The warrants have an exercise price of 4.25 pence each, and are exercisable for a period of 18 months from the date of issue, the last exercise date being 2 May 2018.
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