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LONDON (Alliance News) - Industrial fuel-cell power company AFC Energy PLC on Monday said its open offer of shares was oversubscribed, meaning it raised the GBP1.1 million it had targeted in the fundraising.
AFC said it will issue 5.6 million shares at 20.0 pence per share, raising GBP1.1 million, after it received applications for 20.5 million shares. In combination with the GBP2.5 million already raised through a subscription agreement in December, AFC has raised a total of GBP3.6 million.
Shares in the company were up 6.2% to 25.75 pence on Monday.
"This is a fantastic result for the company and demonstrates the ongoing strong support we have from our loyal shareholder base who continue to believe in the opportunities for future success following the strides made by the company in 2015," said Adam Bond, AFC's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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