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SubSea plans £3 million private placement of stock
By Susanna Moon
Chicago, June 12 - SubSea Resources plc proposes to raise at least £3 million by issuing common stock at 3p per share, according to a company press release.
The placement is subject to shareholder approval.
The company said it would have to undergo a capital reorganization because the placing price is less than the nominal value. The existing ordinary shares are at 5p each, the company said in the release.
The company has applied for trading on AIM. Admission of shares is expected to begin between July 9 and July 31.
The placement proceeds will be used to bolster the company's financial and operating positions over the next year and to help the company comply with bond covenants.
SubSea is a London-based metal and cargo salvaging company.
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