By Susanna Moon
Chicago, June 13 - SubSea Resources plc raised £4.364 million in a private placement of stock, according to a press release, up from £3 million announced Tuesday.
The company placed 145,468,340 common shares at 3p each.
"The placing will strengthen the company's financial position and operational resilience over the coming year, which is a necessary, but not sufficient, critical element in successfully achieving the company's strategic objective of identifying and subsequently undertaking the salvage of deep water commercial cargoes," Ric Piper, chairman of SubSea, said in the release.
The company has applied for trading on the London Stock Exchange. Shares are expected to be admitted on July 9.
SubSea is a London-based metal and cargo salvaging company.
Issuer SubSea Resources plc
| Issue: | Stock
|
| Amount: | £4.364 million
|
| Shares: | 145,468,340
|
| Price: | 3p
|
| Warrants: | No
|
| Pricing date: | June 13
|
| Stock symbol: | London: SUB
|
| Stock price: | £3.25 at close on June 12
|
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