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Investing.com -- The Hut Group (THG), a U.K. e-commerce company, announced on Tuesday that it has secured 90 million pounds ($116.3 million) via a share placement and loans, with the intention to decrease its debt.
The company stated that it raised approximately 30 million pounds by offering 91.85 million new shares, which represent about 6.95% of its total share capital.
The shares were priced at 32.3 pence each, a 5% discount relative to the closing price on Monday, before the announcement was made.
The fundraising process also included a significant contribution from THG’s Chief Executive Matthew Moulding. Moulding provided 60 million pounds through a convertible loan and partly paid shares.
The newly raised funds will be utilized to lower the company’s debt via early loan repayments, according to THG’s statement.
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