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(Alliance News) - Gore Street Energy Fund PLC said Wednesday it is progressing in its fundraising fell short of its GBP15.0 million target, but it will still receive investment from the Irish National Treasury Management Agency.
The National Treasury Management Agency set Gore Street the target of raising GBP15.0 million through a share placing before offering extra investment. Gore Street said the agency has waived its initial condition and will still provide an amount equal to one third of the placing's gross proceeds.
The agency is also committed to investing GBP25.0 million as part of a subscription agreement.
Also, Gore Street outlined that it will extend the timetable of its fundraising scheme so it can conclude talks with potential investors. It will publish the results of the initial placing and offer for subscription on August 5, the results were previously due to be revealed on August 1.
The company initially issued 54.9 million new ordinary shares through the fundraising programme at a price of 91.00 pence per share.
Shares in Gore Street closed up 1.7% at 91.55 pence each in London on Wednesday.