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Sabien Technology Group PLC on Wednesday said it has raised £500,000 through a placing of 5.0 million new shares at 10 pence each.
Shares in the London-based boiler efficiency products company were down 19% to 12.49p each in London on Wednesday afternoon.
As part of the placing, Executive Chair Richard Parris subscribed to 1.2 million shares via Parris Group Ltd. Parris Group has also agreed to capitalise £97,5000 of the outstanding balance of its loan facility at the placing price.
‘The proceeds of the placing will be used for general working capital purposes to execute the company's green aggregation strategy,’ Sabien Technology said.
In addition, the company announced a brokers option allowing eligible shareholders to buy the discounted shares, and raise an extra £100,000.
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