Various Eateries PLC (AIM:VARE), the owner of the Coppa Club and Noci restaurant brands, has confirmed it is in the advanced stages of raising £12 million at 25p a share.
In a brief statement, the group said it is also mulling a debt-for-equity conversion. However, it emphasised that any such transaction is contingent on several factors, including shareholder approval.
Should the fundraising transaction be successful and proceed, the company intends to use the net proceeds (after deducting any associated fees) to fuel further growth via the accelerated rollout of the Coppa Club and Noci brands.
In early trade, the shares were static at 27p.