Gledhow Investments (GDH) has raised £145,000 through the issue of 14.5 million shares at 1 pence each, with the proceeds set to support further investment opportunities.
The subscription shares will carry warrants on the basis of one warrant for every two shares subscribed. The warrants will vest immediately, have an exercise price of 1.5 pence per share and expire 24 months after their grant.
Gledhow has also agreed to issue warrants on the same terms to investors who participated in its August subscription and to the vendors of Penina Resources Ltd following its acquisition of the business.
Following the warrant issuance, the company will have 38.2 million warrants outstanding, representing about 20.74% of its fully diluted share capital. This comprises 7.25 million warrants attached to the latest subscription, 20 million relating to the August subscription and 10.95 million issued in connection with the Penina acquisition.
Director Sam Quinn will receive 2,913,826 warrants as part of the issuance, making the award a related party transaction under the Aquis Growth Market Access Rulebook. Independent director Guy Miller has concluded that the terms are fair and reasonable for shareholders.
Gledhow said it will continue to seek investment opportunities, predominantly across publicly quoted and listed natural resources companies.
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The £145,000 subscription provides Gledhow with additional capital to pursue new investment opportunities, while the warrant structure could provide further funding if exercised. The company remains focused on the publicly traded natural resources sector.