London: Stellar Diamonds said it conditionally raised £183,751 gross of expenses from 3,340,931 ordinary shares sold at a price of 5.5 pence per share.
This represents about 73.5 percent of the open offer shares offered, it said. The London listed diamond development company sought to raise an additional £250,000 through the issue of up to 4,545,455 new ordinary shares.
Proceeds of the offer would, among other things, be used to pay existing creditors of the business and for general working capital.
“Pursuant to the conditional placing, 1,381,818 of the open offer shares were conditionally placed by the company’s joint broker, Peterhouse Corporate Finance Limited, subject to clawback, to satisfy valid applications under the open offer,” Stellar said.
“Due to the level of valid acceptances received under the open offer, the conditional placing has been scaled back in full.”
It said the open offer remained conditional on, amongst other things, shareholder approval and admission of the new ordinary shares to be issued pursuant to the open offer to trading on AIM.
