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Sosandar generates £5.77million in 'successful' fundraise
StockMarketWire.com
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Sosandar has conditionally raised gross proceeds of £5.77 million from new and existing shareholders following a successful fundraise.
A total of 26,190,210 Placing Shares have been placed by N+1 Singer, raising gross proceeds of approximately £5.24 million.
In addition, Andrew Booth a non-executive director of the company, has subscribed for 150,000 Subscription Shares, raising gross proceeds of £30,000.
Concurrent with the placing, certain investors have also subscribed for 2,500,000 PrimaryBid Shares, raising gross proceeds of £0.5 million.
The Placing Shares, the Subscription Shares and the PrimaryBid Shares together represent approximately 15 per cent. of the existing issued share capital of the Company.
The Placing, the Subscription and the PrimaryBid Offer are conditional upon, amongst other things, Admission becoming effective. The Placing is also conditional on the Placing Agreement not being terminated in accordance with its terms.
Ali Hall and Julie Lavington, Co-CEOs at Sosandar, said: Over the past twelve months we have demonstrated our agility by delivering increased sales, better cost efficiencies, increased engagement with customers and an expanded product range despite a very challenging and volatile market backdrop. It is clear that we have an offering that is resonating well with our customers and the desirability of our product range has been shown by being chosen to appear on the platforms of three major British retailers.
We see many opportunities for growth both on our own site and through retail partners in the coming months and beyond. The proceeds from the Placing will provide us with the balance sheet flexibility to enable us to capitalise on these opportunities.
At 1:10pm: (LON:SOS) Sosandar Plc share price was 0p at 16.25p
Story provided by StockMarketWire.com
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