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Pan Pacific Aggregates / Viridas

  • BY: Andrew Hore |
  • POSTED: 13/03/2012 |

Canadian quarry operator Pan Pacific Aggregates is raising £840,000 at 2.5p a share in order to finance the development of its assets.

The net amount raised is £798,000. The placing will almost double the number shares in issue. AIM-quoted resources investor Viridas subscribed for 12m of these shares – a total investment of £300,000 – giving it a 16.5% stake and will receive 6m warrants exercisable at 5p a share.

Directors Lynda Chase-Gardener and Euan McAlpine took up 600,000 and 1.6m shares respectively in lieu of salary.

Rivington Street has been appointed as joint broker.

The cash should be enough to finance growth into 2013.  It will also help to pay money owed due to the creditors’ voluntary arrangement (CVA) undertaken last year.

At 3.62p a share, down 0.25p, Pan Pacific is currently worth £1.4m. A 100-for-one share consolidation was completed at the end of January.

Viridas chairman Nicholas Lee has been granted options over 14m shares at an exercise price of 0.48p a share.

At 0.5p a share, Viridas is valued at £2.89m.

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