Commodity Quest AB (publ) (“Commodity Quest” or the “Company”) is supplied 2.5 million through a private placement of 15,000,000 shares at an issue price of 0.171 per share. The issue provides the Company 2,565,000 kr.
The private placement was decided by the Board with the authorization from the Annual General Meeting on 12 May 2011. Through the private placement, the number of shares in the company with 15 million to a total of 170,311,682 , which the new shares equivalent to approximately 8.8 percent of the total number of shares in the Company. The share capital is increased by 2.565 million SEK.
The private placement is implemented mainly to strengthen the company’s liquidity and characterized the greater part of a Norwegian institutional investors who have shown interest in the Company in connection with the recent rights issue. The private placement is made at the same price per share as the rights offering and a premium of approximately 21.4 per cent compared to the closing price of 14 cents for the Company’s shares on Tuesday 13 September 2011.
“It is gratifying that we have been made aware of an investor who wants to get involved in our business and that we can simultaneously strengthen our finances.” Says Petter Elmstedt, Managing Commodity Quest, in a statement.