Company to sell 56,024,167 ordinary shares at 1.8p each in offering
By Devika Patel
Knoxville, Tenn., March 15 - Mar City plc said it has arranged a private placement. It will sell £1 million of stock to Hamilton Anstead, who will also become chairman of the board.
The investor will buy 56,024,167 ordinary shares at about 1.8p each, which is a 30.23% discount to 2.58p, the closing price on March 14.
Proceeds will be used as additional working capital.
Based in Solihull, England, the company is a real estate developer.
| Issuer: | Mar City plc
|
| Issue: | Ordinary shares
|
| Amount: | £1 million
|
| Shares: | 56,024,167
|
| Price: | 1.8p (approximate)
|
| Warrants: | No
|
| Investor: | Hamilton Anstead
|
| Pricing date: | March 15
|
| Stock symbol: | London: MAR
|
| Stock price: | 2.58p at close March 14
|
| Market capitalization: | £3.41 million
|
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