The Herald — Minoan Group has raised £550,000, before expenses, as it continues to pursue a major resort development project on Crete.
The company, which has unveiled plans to sell its Glasgow-based travel agency business, placed nearly 9.17 million shares at 6p each with institutional and other investors.
Minoan chairman Christopher Egleton said: “I am very pleased to raise these funds, which will provide working capital and enable Minoan to continue to pursue the development of its project in Crete.”
The company has outline planning consent for a development on a 6,000-acre plot with 28 kilometres of coastline on Crete.
