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LONDON (Alliance News) - Reabold Resources PLC Monday said it had received GBP325,000 through a share subscription and entered into a financing facility to fund its investing policy, and has also invested GBP200,000 in the form of cash and shares in Mongolian exploration company Mogul Ventures Corp.
Earlier this month, the company said it swung to a loss in 2013, after its results in the previous year benefited from a settlement with creditors.
Reabold was suspended from trading on AIM at the end of December after failing to make an acquisition in the required time limit since its conversion to become an investing company a year earlier. The company is yet to record any revenue.
Reabold Resources said Thursday that it had received subscriptions totalling GBP325,000 for 65 million new shares at a price of 0.5 pence per share, funds it said it will use to make investments in line with its investing policy and for working capital purposes.
The company also said it has invested GBP200,000, partly made of GBP50,000 in cash and the rest in new shares at a price of 3 pence per share, to purchase 1.48 million shares or roughly a 1.3% shareholding in Mogul Ventures Corp.
Mogul Ventures is a metals and coal exploration and development company in Mongolia., which in the year ended August 31, 2013, had gross assets of CAD1.6 million and posted a let loss of CAD346,769.
Reabold Resources said it has entered into a stock marking service financing facility with Barclays Bank PLC, to provide an initial facilitiy of GBP400,000 to support its investment programme.
The company's shares have been suspended with December last year.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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