Corporate lawyers advise Fishing Republic on fundraisingPrint news article
Fishing Republic raises £1.3m
Corporate lawyers at Walker Morris have advised Fishing Republic Plc, the fishing tackle retailer, on a share placing to raise £1.3m.
The net proceeds of the Placing will be used to further advance and develop the Company’s e-commerce operations, logistics and merchandising activities following the recent review of operations. It will also be used to provide additional working capital to accelerate the rate of growth of online sales.
The fundraising will be achieved through a placing of 13,000,000 new ordinary shares at a price of 10p per placing share to new and existing shareholders, including directors.
James Newman, the Company’s Executive Chairman, and Iain McDonald, a Non-Executive Director of the Company, have subscribed for 50,000 and 600,000 Placing Shares respectively.
James Newman, Chairman of Fishing Republic, said:
“I am delighted to announce our successful fundraising of £1.3m before expenses, which has been supported by both existing investors, including Miton, and Directors, and a number of new shareholders.
“The proceeds of this Placing will be used to implement our operational improvement plan under the new management team and provide us with the working capital needed to expand our online sales offering and distribution facilities.”