Tri-Star Resources raises ?0.32m in subscription

25th Oct 2019 11:06

(Sharecast News) - Minerals processing company Tri-Star Resources has raised £0.32m before expenses by way of a subscription of 987,500 new ordinary shares at a price of 32p each, it announced on Friday.
The AIM-traded firm said the net proceeds would be used for general working capital requirements.

It said 625,000 of the new shares had been subscribed by funds under the discretionary management of Odey Asset Management.

Following the subscription, the Odey funds would own 68,883,299 ordinary shares in the company, representing approximately 72.38% of Tri-Star's total enlarged issued share capital. "The company has applied for admission of the 987,500 new ordinary shares to trading on AIM," the Tri-Star board said in its statement.

"Dealings are expected to become effective on or around 30 October.

"The new ordinary shares represent approximately 1.04% of the total enlarged issued share capital."