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LONDON - Corpus Resources Plc (LSE:COR) has raised £200,000 before expenses through a placing of 1.33 billion new ordinary shares at 0.015 pence per share, the company announced Monday.
The placing shares, which represent approximately 41.3 percent of the company’s enlarged issued share capital, were issued at a discount of about 45 percent to the current mid-market price of 0.0275 pence per share.
Each new share comes with a one-for-one warrant, exercisable at 0.05 pence per share for three years following admission, subject to the publication of a prospectus.
The company expects the new shares to be admitted to the Official List and begin trading on the Main Market of the London Stock Exchange (LON:LSEG) around June 30.
According to the press release statement, the net proceeds will be used for working capital and to progress reverse takeover efforts.
The placing involves an initial subscription by Richard Glass, a director of Corpus, who will immediately sell the shares to investors introduced by Peterhouse Capital Limited, the company’s corporate broker that arranged the placing.
Following the admission of the new shares, Corpus Resources’ issued ordinary share capital will comprise 3.23 billion ordinary shares.
The company stated it is currently unable to admit all of the placing shares without either publishing a prospectus or relying on an exemption to this requirement.
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