By Devika Patel
Knoxville, Tenn., Nov. 13 - Newfound NV said it has entered into conditional agreements with its directors Jeremy White and John Morgan for a £7 million private placement of shares.
The company will sell 70 million ordinary shares at 10p per share to White and Morgan. The pair also has lent the company £500,000 in subordinated and unsecured interim loans, Newfound said in a press release.
Proceeds will be used for general working capital purposes and to help the company pursue a revised business strategy.
London-based Newfound, formerly Nettec plc, is a creator and operator of international luxury resorts and destinations.
| Issuer: | Newfound NV
|
| Issue: | Ordinary shares
|
| Amount: | £7 million
|
| Shares: | 70 million
|
| Price: | 10p
|
| Investors: | Jeremy White, John Morgan
|
| Pricing date: | Nov. 13
|
| Stock symbol: | London: NFND
|
| Stock price: | 20p at close Nov. 12
|
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