(Alliance News) - Active Energy Group PLC said on Thursday it had raised GBP3 million through fundraising and subscriptions.
Shares in Active Energy were down 38% at 0.20 pence on Thursday afternoon in London following the announcement.
The London-based biomass-focused renewable energy business issued around 1.76 billion new shares at 0.2p each. This represent a 38% discount to the 0.325p closing price on Wednesday.
The raising comprised of a fundraise of GBP2.8 million and gross cash proceeds of GBP230,000 by Player Design Inc, a Maine, US-based energy equipment provider, pursuant to a subscription agreement.
Active Energy said the funds raised will be used for engineering, design work, permitting and purchase of equipment for the Ashland biomass fuel facility in Maine.
By Heather Rydings; heatherrydings@alliancenews.com
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Active Energy (AEG)