Valereum (AQSE:VLRM) said it has raised £1.05m before expenses through a placing and a subscription to fund the scale-up of VLRM Markets by accelerating conversion of its pipeline of issuers and expanding distribution through partnerships and collaborations.
The placing sold 32.5m shares at £0.02 each for gross proceeds of £650,000 and the Subscription issued 20m shares at £0.02 each for gross proceeds of £400,000 subscribed by Executive Chair James Bannon and CEO Gary Cottle.
A total of 52.5m new shares will be issued, representing about 9.7% of the enlarged share capital.
James Bannon and Gary Cottle each subscribed for 10m shares and will hold 17.84% and 3.86% of the enlarged share capital respectively.
Investors in the placing and subscription will receive one warrant for every two shares, exercisable at £0.06, with placing warrants exercisable for two years and subscription warrants for five years.