Remote Monitored Systems PLC (LON:RMS) said it has received £50,000 from Braveheart Investment Group PLC (LON:BRH) after the group exercised 10mln warrants over ordinary shares in RMS at a price of 0.5p per warrant.
The AIM-listed firm said the 10mln new shares are expected to be admitted to the market on November 13, adding that it has also received notification from Braveheart that on November 5 and November 6 that the investment group had sold 120mln shares in RMS at a weighted average price of 2.63p each.
Following the sale, RMS said Braveheart now holds a 25.94% stake in the company.
In its own announcement of the warrant exercise and share sale, Braveheart said the sale of 120mln shares had raised proceeds of around £3.15mln, which it said are primarily intended to fund its coronavirus test project being conducted by Pataytech Ltd through to commercial launch.
Shares in RMS rose 6% to 2.6p in early trading on Monday, while Braveheart shares surged 13.3% to 56.1p.