Valiant Investments has placed 27.1m shares at a price of 0.1p each, raising £27,125.
Proceeds would provide the company with additional working capital and enable it to accelerate the development of its 84.7% owned subsidiary, Flamethrower.
The new ordinary shares rank pari passu with the existing ordinary shares.
Following this placing there are now 754,308,666 ordinary shares in issue, of which the Directors are interested in a total of 10,600,000 ordinary shares representing 1.4% of the issued share capital.
The Directors of Valiant accept responsibility for the content of this announcement.