By Laura Lutz
Washington, March 19 - Teleset Networks plc completed a private placement of shares for $10 million.
The company sold 24,390,244 shares to Templeton Strategic Emerging Markets Fund II, which is managed by Templeton Asset Management Ltd., for $0.41 per share.
Proceeds will be used to accelerate the company's growth strategy.
Following the placement, Templeton Strategic holds 19.19% of Teleset's issued share capital.
Teleset is a telecommunications network operator based in Kazan, Russia.
| Issuer: | Teleset Networks plc
|
| Issue: | Shares
|
| Amount: | $10 million
|
| Shares: | 24,390,244
|
| Price: | $0.41
|
| Warrants: | No
|
| Investor: | Templeton Strategic Emerging Markets Fund II
|
| Announcement date: | March 19
|
| Stock symbol: | London: TNW
|
| Stock price: | 25p at close March 19
|
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