(Alliance News) - Infrastructure firm Infrastrata PLC on Wednesday confirmed it plans to raise GBP1 million, potentially doubling that amount, via the PrimaryBid platform.
Infrastrata is to place a maximum of 333.3 million new shares on the platform at 0.3 pence each, raising the GBP1 million. This could rise to GBP2 million, the firm added.
Shares were 11% lower in London on Wednesday afternoon at a price of 0.29p apiece.
The fundraise will provide the company with "additional working capital", it said.
London-based Infrastrata has called a general meeting to be held on Friday next week at which shareholder approval is sought for the fundraise.
The PrimaryBid raise comes just over a week after the firm raised GBP6 million to fund the acquisition of the Harland & Wolff shipyards in Belfast, the same yards where the Titanic was built. The sites were bought off administrator BDO NI in October.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
