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Cambria Africa completes equity funding

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Cambria Africa (LON:CMB) has now completed its equity funding, raising a further £330,000 in the second close.

In this second phase the company is issuing an additional 4.4mln new shares.

Cambria last week raised £2.10 million from the first close, with the issue of 28 million shares priced at 7.5p each to new and existing institutional investors.

The cash has been earmarked to provide working capital to support the expansion of the Millchem and Payserv Africa businesses.

Cambria’s strategy, in a nut-shell, has been to transform the business from a portfolio of multiple investments operating in a single country into having select investments operating regionally.

The company is now almost entirely focussed on expanding the Millchem chemical distribution business and the payment processor Payserv.

Quick facts: Cambria Africa PLC

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AIM:CMB

Price: 0.32 GBX

Market Cap: £1.74 m

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