Braveheart raises £0.22m to further invest in portfolio

The AIM-traded firm said the funds were raised through the placing of 1,434,091 new shares at a price of 15p each, raising gross proceeds of £215,113 before expenses.

It said the placing shares would represent 2.67% of its enlarged issued share capital, and were issued at a discount of 10% to its closing mid-market share price on 5 April.

The company used its existing authority to issue new shares for cash on a non-pre-emptive basis.

Chief executive officer Trevor Brown subscribed for 143,407 shares in the placing, the board disclosed.

“We are delighted to have been able to raise this extra funding which will enable Braveheart to continue its investment in portfolio assets,” Trevor Brown commented.

At 1223 BST, shares in Braveheart Investment Group were up 2.12% at 16.85p.