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Alternative capital provider Duke Royalty (LON:DUKE) has announced the close of a conditional placing and subscription to raise £44 million, before expenses, through the issue of 100 million ordinary shares at a price of 44p per share.
The firm said the net proceeds of the fundraising of around £42 million would allow the company to continue to finance its diversified pipeline of royalty financing opportunities.
“The board firmly believes in the ability to scale the business and these proceeds will be used to broaden the portfolio and produce accretive cash flow for shareholders,” commented CEO Neil Johnson.
“The company has made significant progress since readmission in March of last year and I look forward to updating the market as we further deploy the proceeds into long-standing, profitable businesses in Europe and abroad.”
Duke shares rose 1.85p to 49.65p (as at 10:37 BST).