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Go-Tech issues new shares
GoTech said had issued 5m new ordinary shares of 0.1p each at a price of 0.4p a share as payment to Capex Human Capital Limited, an adviser to the company, in full and final settlement of all amounts owed.
In a statement, the company said it had taken the necessary steps "to run the group in a prudent way to preserve value for shareholders".
"This share issue is the resolution of a successful renegotiation of a longstanding liability owed by the company of £54,000," GoTech said.
The shares are expected to start trading on the AIM market on January 17, it added.
According to the company's website, GoTech is now an AIM Rule 15 cash shell, meaning the it will be required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 on or before the date falling six months from December 20th 2017, or be re-admitted to trading on AIM as an investing company under the AIM Rules.
"The board is keen to consider all possible opportunities, both organic and acquisitive, which may drive an increase in shareholder value," the website states.