Business
Placement of shares
Placement of shares.
About this update from Jade Road Investments Limited
[{"type":"text","content":"\n\n25 August 2023\n \nJADE ROAD INVESTMENTS LIMITED\n(\"Jade Road Investments\", \"JADE\", the \"Company\" or the \"Group\")\nPlacement of shares\n \nJade Road Investments Limited (AIM:JADE), the London quoted investment company that looks to provide investors exposure to alternative investments which aim to offer higher returns and lower risk than traditional asset classes, is pleased to announce the successful placing (the \"Placing\") of new ordinary shares of £0.001 each in the capital of the Company (\"Ordinary Shares\"). \nSubscription\nA total of 36,866,667 new Ordinary Shares (the \"Placing Shares\") have been placed with investors at the price of 2.25 pence per Placing Share (the \"Placing Price\") raising gross proceeds of $1,050,000 (£829,500). \nThe Placing Price represents a premium of approximately 20 per cent. to the closing mid-price of the Company's ordinary shares on 24 August 2023 and the Placing shares represent approximately 10.4 per cent. of the enlarged share capital.\nThe Company has paid Heirloom Investment Management LLC ('HIM') a 5% commission fee for introducing certain investors who are participating in the placing. The payment will be $40,000 to be received in shares in the Company at the placing price. The commission is a related party transaction under the Aim rules for Companies as HIM is a substantial shareholder in the Company. The Directors of the Company consider, having consulted with WH Ireland Limited, the Company's nominated adviser, that the terms of the transactions are fair and reasonable insofar as its shareholders are concerned.\nJohn Croft, the Company's Chairman, commented: \"We are delighted to welcome some new investors onto our share register facilitating the continuation of our new investment strategy focussed on income yielding alternative assets. The Placing provides the Company with adequate resources to continue its new investment program as well as meeting the interest payments due on its corporate bond and providing adequate working capital to support its operations in the near term.\"\n \nAdmission and Total Voting Rights\nApplication has been made to AIM for 36,866,667 shares to be admitted to trading on AIM, the admission date is expected to be on or around 1 September 2023.\nIn accordance with the provision of the Disclosure Guida...