Forgent (LSE:FORG) has raised £1.3 million via a placing of 8.67 billion new shares, priced at 0.015p each, and acquired a 51% interest in the Peak Hills project.
The consideration for the 51% interest is US$206,060 in cash, plus 4.81 billion consideration shares to the vendor.
Separately, under set-off deeds with its secured lenders, the lenders agreed to subscribe in aggregate for 5.53 billion subscription shares for an amount equivalent to £1.93 million. An initial tranche of 2.24 billion subscription Shares had already been issued, and the remaining 3.29 billion final allotment are now being issued, leaving the secured lenders with 21.78% of the enlarged share capital.
At the same time, the company has converted outstanding creditor balances of £22,000 into 146.67 million Creditor Shares.
The balance 48% interest in Peak Hills remains under option to Forgent, and that option period has been extended for a further five months.
