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LONDON (Alliance News) - Ascent Resources on Monday confirmed it has raised GBP3 million via a placing launched last Friday through PrimaryBid, issuing 161.5 million new shares priced at 1.85 pence each.
The shares were issued at a 20% discount to the closing share price on Thursday, being the day before the placing was launched. After costs, proceeds amount to GBP2.8 million.
Shares were trading down 6.7% on Monday morning at 2.08 pence.
Chief Executive Colin Hutchinson subscribed for 270,270 shares under the placing. All of the shares issued collectively represent about 10.7% of the enlarged issued share capital.
"I am delighted with the response to the offer and the significant proportion of the shares taken up by private investors. It is pleasing that in using PrimaryBid private investors usually excluded from such offers have been able to participate on the same terms as institutional investors at this exciting time for the company," said the CEO.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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