LONDON (Alliance News) - InfraStrata PLC Thursday launched a share placing and subscription to raise GBP2.1 million, money it will use to fund working capital needs in 2015 and to fund work at the Islandmagee gas storage project in County Antrim, Northern Ireland.
In a statement, the company said it is proposing to place 46.0 million shares at 4 pence each with investors, while some of its directors and associated partied will subscribe for nearly 6.5 million shares at the same price.
The issues will need to be approved by the company's shareholders as it is exceeding its existing share issue authority.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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