Active Energy Group (LSE:AEG) CEO Michael Rowan talked to London South East after raising 7 million pounds in an over subscribed placing. Part of those funds was raised through Primary Bid and the management were keen to include retail investors.
The company also took this opportunity to restructure their Convertible Loan Note bonds, which had been £17.7 M. The vast majority of CLN holders agreed to take shares at 1.0p instead.
Michael Rowan said: "We are involved in the production of the next generation of biomass fuels, which involves the manufacture of new pellets. We use waste feedstock resources, so waste wood, tree branches, tops of trees, roots, and other waste materials like chicken litter and other waste biomass fuels".
"Through our manufacturing process this produces a better quality pellet. We are getting our product into the final stages of production to deliver to customers, initially in North America, and hopefully also internationally."
Active Energy (AEG)