APC Technology Group shares plunge after new placement

Technologies provider APC Technology Group has raised just over £2m via a conditional placement of new shares.The placement, conducted on behalf of the group by Northland Capital Partners, saw the issue of 10,375,000 new shares in the capital of the group at a price of 20p apiece.The new shares have been placed with both existing and new institutional investors and will represent 12.39% of the group's enlarged share capital, APC said.The firm has stated it intends to use the net proceeds to fund increasing working capital requirements associated with expansion of the business, particularly related to energy efficiency projects in the UK and in North America.APC shares were 9.28% down to 22.00p at 08:16 on Monday.