LonZim raises £917,341 through placing
Zimbabwe-focused investment company LonZim (LON:LZM) has raised £917,314 through a placing of 3.98 million shares to Consilium Emerging Market Return Master Fund at 23 pence each.
This is at a premium to yesterday's closing price of 19.75 pence.
The funds raised will provide working capital for existing businesses and help LonZim to continue its investment strategy, said the AIM-quoted company.
Prior to the placing, Consilium was already the second largest shareholder in the firm with a 10.19 percent stake.
The placing shares will represent approximately 6.86 percent of the company's enlarged issued share capital.
In May this year, the company said its five core businesses were well placed for economic recovery in the country after it revealed increased revenues and a reduced operating loss in its interim results.
During the six months to 28 February, the firm's revenues improved 14.4 per cent to £3.1 million while its operating loss was reduced to £2.5 million (H1 2010: £3.1 million).
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