Monchhichi raises £2.1m at 35p/share

Monchhichi has raised £2.1m, gross, in cash from existing shareholders and new investors via a placing 6m new shares at 35p each.

Net funds would enable swift implementation of the Investing Policy, the company said.

As part of the placing, 6m warrants were issued to placees on a 1:1 basis, allowing placees to subscribe for new shares at 80p each for a period ending on Jan. 24, 2018.

"The Board has and continues to actively consider and pursue a number of exciting and meaningful investment opportunities within its new Investing Policy and is hopeful of making progress with at least one of those over the coming weeks," said Monchhichi in a statement.

"As soon as is appropriate, a further update shall be provided to shareholders."

In addition, Monchhichi has settled £200,000 of outstanding professional fees and placing commissions through the issue of a total of 500,000 new shares at an implied price of 40p each.