Crimson Tide PLC
23 April 2008
Crimson Tide Plc (the 'Company')
Issue of Equity and Borrowing Facility
23 April 2008
Crimson Tide Plc is pleased to announce that it has raised approximately
£300,000 before expenses by way of a placing of 24,820,513 new Ordinary Shares
of 1p each at 1.21875p (the 'Placing Shares') from institutional and other
placees. These funds will be used to continue the development of the business
and for general working capital purposes.
In addition, the Company is also in advanced negotiations to secure a borrowing
facility of up to £600,000 to finance growth in contracted business, with an
associated option to subscribe for 24,615,385 ordinary shares, exercisable at a
price of 1.21875p.
Application for admission of the Placing Shares ('Admission') has been made
today and is conditional on the resolutions to be proposed at the general
meeting of the Company to be held on 25 April 2008 to approve, inter alia, the
increase of authorised share capital, to grant the directors authority to allot
shares and to disapply statutory pre-emption rights, being passed. If the
resolutions are approved, Admission is expected to occur on 29 April 2008.
Following Admission, the Company will have 315,765,953 Ordinary Shares in issue.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company.
Barrie Whipp, Chairman, of Crimson Tide, commented:
'We are delighted that we have been able to secure this additional funding which
will allow us to service the healthy pipeline of new business that we have, as
Crimson Tide continues to grow. To raise these funds in such a tricky market
place is testament to the opportunities that lie ahead for this Company as we
continue to drive it towards profitability and beyond.'
Enquiries:
Crimson Tide Plc 01892 542 444
Barrie Whipp, Executive Chairman
W.H. Ireland Limited 0121 265 6330
Tim Cofman/Katy Birkin
This information is provided by RNS
The company news service from the London Stock Exchange