Legendary Investments completes £1m placing

Legendary Investments had some extra cash in the bank on Thursday, announcing it has raised £1m before expenses through an oversubscribed placing of 333,333,333 ordinary shares of 10p nominal value each, at a price of 0.3p per new share.

The AIM-traded company said the shares were placed with a range of institutional and private investors.

Legendary’s board will use the funds to take advantage of new, suitable investment opportunities, it stated, and it is currently evaluating several opportunities - including in the technology sector.

Funds will also be used for the continued development of existing investments as appropriate, the board said, and increase stakes in existing investments as opportunities to do so arise.

Some of the cash will also be put into working capital, including the paying down of debt.

The 333,333,333 new ordinary shares are expected to be admitted to trading on AIM on or around 12 May.

Following admission, the company’s enlarged share capital will comprise 2,794,864,166 ordinary shares, with one voting right per share.