Business
Placing & Borrowing Facility
Placing & Borrowing Facility.
About this update from Crimson Tide Plc
[{"type":"text","content":"\n Crimson Tide PLC\n23 April 2008\n\nCrimson Tide Plc (the 'Company')\n\n\n\nIssue of Equity and Borrowing Facility\n\n\n\n23 April 2008\n\n\n\nCrimson Tide Plc is pleased to announce that it has raised approximately\n£300,000 before expenses by way of a placing of 24,820,513 new Ordinary Shares\nof 1p each at 1.21875p (the 'Placing Shares') from institutional and other\nplacees. These funds will be used to continue the development of the business\nand for general working capital purposes.\n\n\n\nIn addition, the Company is also in advanced negotiations to secure a borrowing\nfacility of up to £600,000 to finance growth in contracted business, with an\nassociated option to subscribe for 24,615,385 ordinary shares, exercisable at a\nprice of 1.21875p.\n\n\n\nApplication for admission of the Placing Shares ('Admission') has been made\ntoday and is conditional on the resolutions to be proposed at the general\nmeeting of the Company to be held on 25 April 2008 to approve, inter alia, the\nincrease of authorised share capital, to grant the directors authority to allot\nshares and to disapply statutory pre-emption rights, being passed. If the\nresolutions are approved, Admission is expected to occur on 29 April 2008.\n\n\n\nFollowing Admission, the Company will have 315,765,953 Ordinary Shares in issue.\n\n\n\nThe above figure may be used by shareholders as the denominator for the\ncalculations by which they will determine if they are required to notify their\ninterest in, or a change to their interest in, the Company.\n\n\n\nBarrie Whipp, Chairman, of Crimson Tide, commented:\n\n\n\n'We are delighted that we have been able to secure this additional funding which\nwill allow us to service the healthy pipeline of new business that we have, as\nCrimson Tide continues to grow. To raise these funds in such a tricky market\nplace is testament to the opportunities that lie ahead for this Company as we\ncontinue to drive it towards profitability and beyond.'\n\n\n\nEnquiries:\n\n\nCrimson Tide Plc 01892 542 444\n\nBarrie Whipp, Executive Chairman\n\n\nW.H. Ireland Limited 0121 265 6330\n\nTim Cofman/Katy Birkin\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]