Electric Guitar PLC (AIM:ELEG) announced the raise of £775,000 as it continues to seek a new investment opportunity.
The company, presently a cash shell, is issuing some 968.75 million new shares priced at 0.08p. This new capital represents just over 44% of the newly enlarged share capital.
It’s expected to cover the anticipated costs of a reverse takeover and provide general working capital to the vehicle.
The board is in active discussions with potential targets in the energy and AI sectors, but has not yet finalised terms.
Electric Guitar must complete a reverse takeover, or seek re-admission as an investing company by 24 June (otherwise the shares will be suspended).