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Global Resources Investment Trust to raise cash

The company plans to raise funds and change its name to Global Resources International
Global Resources Investment Trust to raise cash
The shares are to be issued at 2p a go

Global Resources Investment Trust (LON:GRIT) has announced plans to raise cash through a subscription and open offer.

Prime Star Energy, a company based in the United Arab Emirates, has agreed to subscribe for up to 195mln new ordinary shares at 2p a share while privately owned RDP Fund Management has agreed to take 75mln shares at the same price.

In addition, Primestar is to be granted 50mln warrants to subscribe for shares at an exercise price of 4p.

In conjunction with the share subscription, GRIT is planning an open offer of up to 15mln shares at 2p a share and a further placing of up to 15mln shares to Primestar, also at tuppence a throw.

GRIT said the share issues may be scaled back to ensure sufficient ordinary shares are in public hands in accordance with the listing rules.

View full GRIT profile View Profile


December 05 2014

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