(Alliance News) - AFC Energy PLC on Monday said it has raised GBP1.1 million in gross proceeds via subscription of 22.2 million shares at 4.8 pence each.
The issue price represents a discount of 12% to the closing price of 5.46p on Thursday. Shares in AFC on Monday were down 2.7% at 5.45 pence each, giving it a market capitalisation of GBP23.2 million.
The alkaline fuel cell power company said net proceeds of the subscription are expected to be used in the delivery of reference projects, working capital and other purposes to support delivery of the company's Go-to-Market strategy, which is focused on preparation for commercial deployment and the strengthening of the company's supply chain.
"We are very pleased to have received further demand for this subscription from both new and existing shareholders, particularly at a 60% premium to the company's last subscription announced on April 12. This funding will now further support AFC Energy's go to market strategy and delivery of our targets for 2019," said AFC Energy Chief Executive Adam Bond.
In April, the company raised GBP813,000 via 27.1 million share subscription priced at 3p per share.
AFC Energy (AFC)