AIM-listed fishing tackle retailer Fishing Republic has raised £1.3m through a placing of 13m shares to new and existing shareholders, including directors, which will be used to advance and develop the group's e-commerce operations, logistics and merchandising activities following the recent review of operations.
The proceeds will also be used to provide additional working capital to accelerate the rate of growth of online sales.

Executive chairman James Newman and non-executive director Iain McDonald subscribed for 50,000 and 600,000 placing shares, respectively. On completion of the placing, Newman will hold 211,906 ordinary shares while McDonald will hold 950,000, respectively, 0.4% and 1.7% of the company.

In addition, existing substantial shareholder Miton subscribed for just under 1.1m placing shares.

James Newman said: "I am delighted to announce our successful fundraising of £1.3m before expenses, which has been supported by both existing investors, including Miton, and directors, and a number of new shareholders.

"The proceeds of this placing will be used to implement our operational improvement plan under the new management team and provide us with the working capital needed to expand our online sales offering and distribution facilities.''

At 0820 GMT, the shares were down 4.8% to 10p.

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