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Proton Power Systems
- BY: Andrew Hore |
- POSTED: 24/12/2008 |
Proton Power Systems is raising up to £1.5m from Roundstone Properties Ltd, which has already invested £2m in the fuel cells developer.
Roundstone, a company owned by Proton non-executive director Dr Faiz Francois Nahab, will receive 30m warrants when it subscribes for the second £1m of the original £2m subscription in January 2009. The warrants are exercisable at 5p a share. The first tranche of 10m warrants are exercisable between February and April 2009. The rest are exercisable between February and December 2009. Proton has to get shareholder approval to issue the final 10m shares.
The average cost of the funding by Roundstone will be 6.25p a share if all the warrants are exercised. The shares are trading at 6.25p, which currently values Proton at £4.46m.
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