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Investing.com -- Shares of Westminster Group, a UK-based security services company, saw a significant rise after the firm announced it had secured a contract to offer security services at four airports in Gabon, Africa.
The company also revealed a premium fund raising agreement with its largest shareholder.
The shares were trading 27% higher, up 0.30 pence to 1.40 pence, in early morning trading in Europe.
On Tuesday, Westminster Group announced it was raising £1.2 million ($1.5 million) through a share subscription by Pantheon A Family Office.
The subscription involves 100 million new shares priced at 1.2 pence each, a 9.1% premium over Monday’s closing price of 1.10 pence.
The company indicated that the share subscription was contingent upon the signing of the new contract. The funds raised will be used towards the Gabon airport project.
As part of the contract, Westminster Group will contribute the necessary investment and expertise to enhance security at the Gabon airports.
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