News blog
Viridas
- BY: Andrew Hore |
- POSTED: 05/04/2011 |
Shell company Viridas has raised a total of £1.05m of new cash following the placing of zero-coupon, unsecured convertible loan notes.
Mining investor Bruce Rowan has invested £250,000 and there are plans to relaunch the company as a natural resources investment vehicle.
Viridas has given up on its plans to become a jatropha oil supplier from plantations in Brazil because it could not raise the cash it required. Viridas wanted to raise £1.4m from investors to fund the next stage of its plans.
At 1.38p a share, Viridas is valued at £450,000 before the latest fundraising. The loan notes are convertible at 0.25p a share. If they are not converted they will be repayable on 31 December 2012 but the company intends to exercise its right to have them converted after the general meeting that will be held to agree to the share issue.
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