By Devika Patel
Knoxville, Tenn., June 30 - GMA Resources plc said it plans a £1.6 million private placement of shares.
The company will sell 120 million ordinary shares at 1.25p each to Sahara Gold Ltd. and 8 million shares at that price to Ken Crichton, the company's interim chief executive.
Proceeds will be used to meet the company's working capital requirements for the next year.
GMA is a London-based resource exploration company.
| Issuer: | GMA Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £1.6 million
|
| Shares: | 128 million
|
| Price: | 1.25p
|
| Warrants: | No
|
| Investors: | Sahara Gold Ltd. (for £1.5 million), Ken Crichton (for £100,000)
|
| Pricing date: | June 30
|
| Stock symbol: | London: GMA
|
| Stock price: | 1.25p at close June 30
|
| Market capitalization: | £5.86 million
|
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