By Devika Patel
Knoxville, Tenn., May 20 - Niche Group plc said it will raise £5.69 million through a private placement of shares. Niche also announced a £5.2 million strategic investment in Oman Resources Ltd.
The company will sell 113.7 million ordinary shares at 5p each. The price represents a discount of approximately 10% to the closing price of 5.5p on May 19.
Daniel Stewart is the broker.
In the investment into Oman Resources, the company negotiated a convertible loan which converts into 17.33% of Oman Resources' issued share capital and is subject to mandatory conversion under certain conditions. Oman Resources will use the loan to fulfill certain payment obligations.
London-based Niche Group invests in pre-initial public offer companies.
| Issuer: | Niche Group plc
|
| Issue: | Ordinary shares
|
| Amount: | £5,685,000
|
| Shares: | 113.7 million
|
| Price: | 5p
|
| Warrants: | No
|
| Agent: | Daniel Stewart
|
| Pricing date: | May 20
|
| Stock symbol: | London: NGP
|
| Stock price: | 5p at close May 20
|
| Market capitalization: | £9.55 million
|
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