Bagir has conditionally raised gross proceeds of $8.5 million (£6.4m) through the successful subscription of 56,048,000 shares and placing of 127,188,754 shares, in aggregate 183,236,754 new ordinary shares at 3.5p per New Ordinary Share. The Placing has been arranged by N+1 Singer.
The net proceeds of the fundraising (approximately US$8.1m) will be used to repay the company's lenders, Bank Leumi and Discount Bank, with the balance being used as working capital to support the group's business operations. The fundraising is conditional on shareholder approval.
At 3:34pm: (LON:BAGR) Bagir Group Ltd. Ord Ils0.04 share price was -0.75p at 4.25p