Business
Placing and Issue of Equity
Placing and Issue of Equity.
About this update from Blue Star Capital Plc
[{"type":"text","content":"\n \n \n RNS Number : 8503U\n Blue Star Capital plc\n 03 August 2020\n \n \n \n \n 3 August 2020\n \n \n \n \n \n Blue Star Capital plc\n \n \n (\"Blue Star\" or the \"Company\")\n \n \n \n \n \n Placing and Issue of Equity\n \n \n \n \n \n \n \n \n Blue Star Capital plc (AIM: BLU), the investing company with a focus on esports, payments, technology and its applications within media and gaming, announces that it has raised £550,000 before expenses by way of a placing of 366,666,667 new ordinary shares (\"Placing Shares\") at 0.15p each (\"the Placing Price\") (the \"Placing\") and a grant of an equal number of warrants to subscribe for new ordinary shares at a price of 0.25p. In addition, the Company has settled liabilities due of £16,000 by way of issue of 10,666,667 new ordinary shares at the Placing Price.\n \n \n \n \n \n The Company intends to use the proceeds of the Placing for additional working capital and to provide funds for investment. In particular, the Company is aware that its investee Company, Dynasty eSports Pte Ltd (\"Dynasty\") is shortly intending to raise approximately US$2,000,000 and it is the Company's intention to exercise its anti-dilution rights and subscribe for such shares as to maintain its shareholding. Blue Star currently holds 13.0 per cent. of the issued share capital of Dynasty. \n \n \n \n \n \n \n \n \n Placing and Admission\n \n \n \n \n \n Subject to all conditions being met, application will be made for the Placing Shares, which represents approximately 9.8 per cent of the existing issued share capital of the Company, to be admitted to trading on AIM (\"Admission\") in two tranches to coincide with settlement. The first tranche will comprise 182,666,667 Placing Shares (\"First Tranche Placing Shares\") for which application will shortly be made. Admission of the balance of 184,000,000 Placing Shares (\"Second Tranche Placing Shares\") is expected to occur on or around 1 September 2020. Nicholas Slater, an existing substantial shareholder who holds 503,787,293 shares representing 13.41 per cent of the Company's issued share capital, has invested £175,000 in the Placing representing 116,666,667 Placing Shares at the Placing Price. As a result of his participation in the Placing, on Admission of all of the Placing Shares, Nichol...