By Laura Lutz
Des Moines, Sept. 5 - Voss Net plc intends to raise £2.44 million through a private placement of 4,872,500 ordinary shares, according to a company release.
The company plans to sell the shares to institutional and other investors at 50p each.
The deal will be non-brokered.
The placement comes alongside Voss Net's takeover of Tanzania Gold Ltd., after which it will change its name to Tanzania Gold plc.
Following press speculation about the takeover, trading of the company's shares was suspended in June. As of Monday, the suspension has been lifted.
The issued shares will be 20.28% of the company's outstanding stock.
Proceeds will be used for drilling and exploration in Tanzania and for working capital.
Voss Net is a London-based investment company that has been a software developer. Tanzania Gold Ltd. is a Cork, Ireland-based mining company with operations in Tanzania.
| Issuer: | Voss Net plc.
|
| Issue: | Stock
|
| Amount: | £4.22 million
|
| Shares: | 4,872,500
|
| Price: | 50p
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 4
|
| Stock symbol: | London: VOS
|
| Stock price: | £4.50 at close on Sept. 4
|
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