INFA.L Share News (INFA)

(ShareCast News) - Independent gas storage company InfraStrata updated the market on Wednesday, on its working capital position and fundraising activities following its announcement on 4 November.The AIM-traded company said it is continuing to examine its options with its advisers for securing the necessary funding to enable work to commence on the front-end engineering design for the Islandmagee gas storage project, as well as to provide additional working capital for the company.Its board said it has recently engaged with potential investors with a view to securing the funding for the FEED and corporate overheads as set out in the announcement, and that process was ongoing."In the meantime, the company is in advanced stages of negotiations for potential debt funding to be provided in the short term," it said."The board currently believes this proposed debt funding will be sufficient, with existing funds, to meet InfraStrata's minimum levels of corporate costs to the end of 2017, but the progression of the FEED will require the securing of additional funding."InfraStrata emphasised that there could be no certainty regarding the timing of the conclusion of any of its current fundraising negotiations, the terms of such funding and/or whether any new funding will ultimately be secured."Should short-term funding not be forthcoming during January, then the board will need to consider whether the company can continue as a going concern."