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LONDON (Alliance News) - AFC Energy PLC Thursday said it has raised GBP2.5 million through a subscription and said it may raise a further GBP1.1 million through a further share offer.
The fuel cell power technology company said it raised the GBP2.5 million by issuing 12.4 million new shares in the company for 20.0 pence each, representing a 29% discount to the company;s closing share price Wednesday.
AFC shares were down 12% to 24.62 pence per share on Thursday afternoon.
AFC Energy said it also plans to offer a further 5.6 million new shares to qualifying shareholders at the same issue price, potentially raising another GBP1.1 million. Neither of the fundraisings are underwritten, meaning AFC will not raise any further funds if the shares are not taken up.
The funds will be used by the company to complete pre-commissioning activities so it can reach its next milestone in the development of its Power-Up programme which is focused on commercialising its proven low-cost alkaline fuel cell system, or KORE, which converts hydrogen into clean electricity.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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