Coolabi raises £1.15m through placing

Samantha Loveday

By Samantha Loveday

October 21st 2009 at 2:46PM
Coolabi raises £1.15m through placing

Firm to invest funds in key properties such as Scarlett & Crimson and Purple Ronnie.

Coolabi has raised £1.15 million through the placing of 14,375,000 new Ordinary Shares at a price of eight pence per share.

The firm has identified a number of opportunities to invest in its existing owned and licensed IP to help it grow further.

The board is specifically looking to invest the proceeds from the placing within some, or all, of its wholly or partly owned properties (Scarlett & Crimson and Purple Ronnie), its production assets (Poppy Cat) and its licensed properties.

Following admission, Coolabi will have 48,276,043 Ordinary Shares in issue and a market capitalisation of £3.9 million at the Placing Price.

At the Placing Price, it will raise approximately £1.09 million for the company, net of expenses. Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and it is expected that admission will occur on November 16th.

In addition, the company's board is also proposing to establish a Long Term Incentive Plan, which will be operated in conjunction with the Coolabi Employee Benefit Trust.