Corpus Resources Plc (LSE:COR) has raised £200,000 in new capital through the placement of approximately 1.33 billion ordinary shares at a price of 0.015 pence each. The placement represents around 41.3% of the company’s expanded share capital and was executed at a roughly 45% discount to the prevailing mid-market price of 0.0275 pence per share.
As part of the deal, each new share is accompanied by a warrant on a one-for-one basis, exercisable at 0.05 pence for a period of three years following admission, contingent on the publication of a prospectus.
The newly issued shares are expected to be admitted to trading on the Main Market of the London Stock Exchange and included in the Official List around June 30. The funds raised will support working capital needs and drive progress on the company’s ongoing reverse takeover strategy.
The placing was structured via an initial subscription by Director Richard Glass, who will sell the shares to investors introduced by Peterhouse Capital Limited, Corpus Resources’ corporate broker.
Upon admission, the company’s total issued ordinary share capital will stand at approximately 3.23 billion shares. Corpus acknowledged that, at this stage, it cannot admit all of the placing shares without either publishing a full prospectus or qualifying for a relevant exemption.
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