By Devika Patel
Knoxville, Tenn., Feb. 24 - Archipelago Resources plc said it took in £9.44 million, or approximately $13.7 million, in a private placement of shares on Feb. 23.
The company sold 104.87 million shares at 9p per share to institutional investment funds managed by Baker Steel Capital Managers LLP.
Proceeds will be used to repay amounts owed under the Aurum Fund loan facility, with the balance to be used as working capital.
Archipelago is a London-based mineral exploration company.
| Issuer: | Archipelago Resources plc
|
| Issue: | Shares
|
| Amount: | £9,438,300
|
| Shares: | 104.87 million
|
| Price: | 9p
|
| Warrants: | No
|
| Investor: | Baker Steel Capital Managers LLP
|
| Settlement date: | Feb. 23
|
| Stock symbol: | London: AR
|
| Stock price: | 4.5p at close Feb. 23
|
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