Electric Guitar PLC (AIM:ELEG), which is currently a shell, announced a small injection of capital as it works toward pursuing a new acquisition strategy.
It has secured £45,000 from Sanderson Capital Partners, already a substantial shareholder, and £10,000 from non-executive director Grahame Cook via an issue of convertible (with the investors also granted warrants, and ‘first refusal’ on any equity or debt raises by the company within 18 months).
Previously, in December, the company’s primary subsidiary 3radical Limited entered into a liquidation process.
Now, as a cash shell, Electric Guitar has a total of six months to make an acquisition or acquisitions that would constitute a reverse takeover.