StockMarketWire.com - Falanx Group has today issued a total of 2.125m new shares to non-executive chairman Mike Read (1.25m shares) and non-executive director Desmond Carr (0.875m shares) at an effective price of 4p each.

The company also issued Read and Carr with warrants over, respectively, a further 1.25m new shares and 0.875m new shares

HIGHLIGHTS:

· 1,250,000 new Ordinary Shares were issued to Mike Read, non-executive Chairman of the Company, raising gross proceeds for Falanx of £50,000, which the Company will use to execute its growth strategy, supplementing the proceeds of the placing of Ordinary Shares announced on 5 May 2016.

· 875,000 new Ordinary Shares were issued to Desmond Carr, non-executive Director, in lieu of £35,000 of accrued director's fees due to Mr Carr (together with the new Ordinary shares issued to Mr Read, "the Subscription").




At 10:26am: [LON:FLX] Falanx Group Plc share price was -0.25p at 4p



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