Black Raven Properties is raising £600,000 to fund further expansion into Portugal.
The company has issued 9,230,770 new ordinary shares of 0.1p each at a price of 6.5p a share.
Trading of the shares, which rank equal with the existing ordinary shares of 0.1p each in the company, is expected to commence on AIM on 19 January 2007.
The company also confirmed it has completed the €1.2m purchase of a residential development site in Cascais, near Lisbon, Portugal.
Caixa Nova SA, the Spanish bank, provided a €1m facility for the purchase.
Michael Friend, Black Raven’s chief executive, said: “We are delighted by this new share issue, the funds from which will be used to maintain the momentum in the growth of the company.
“We are also pleased to announce the completion of the purchase of a further parcel of land in the prestigious Quinta do Patino development.”
References: EGi News 12/01/07
