Westminster Group PLC (LON:WSG) has raised £750,000, before expenses, via an over-subscribed placing of 7.5mln new ordinary shares at 10p each, undertaken by broker Beaufort Securities Limited.
The AIM-listed supplier of managed services and technology based security solutions said the cash raised will be used to “support the development of the company, with a particular focus on preparation for the anticipated Middle East project opportunity in its Managed Services division”.
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The placing agreement with Beaufort provides for the broker to be issued with 375,000 warrants to subscribe for Westminster Group ordinary shares at an exercise price of 10p per share.
This is in addition to the payment of a commission and expenses in accordance with the placing agreement.
In early morning trading, Westminster Group shares were changing hands at 11.25p, down 10% or 1.25p.