Hydrogen Future Industries PLC - London-based developer of green hydrogen production technologies - Completes subscription to raise gross proceeds of GBP545,000 through the issue of 10.9 million new shares at a price of 5p each. The subscription includes one warrant for every two shares subscribed for, exercisable at 5p from two years following the admission of the new shares to trading. Admission of the new shares to the Aquis Exchange is expected to occur on or around February 26.
Hydrogen Future says that the proceeds will be used to strengthen its working capital position, develop its existing technologies and fund the ongoing feasibility within the company's mining sector. In January, Hydrogen Future began its first mining feasibility study alongside a "mining major" at a site near its wind turbine site in the US state of Montana. The purpose of the study is to demonstrate the use of the company's wind-based hydrogen production system to utilise wastewater from the mine's tailings operation as a feedstock "to generate both clean energy and clean water for on-site mining operations".
Current stock price: Flat at 4.50 pence per share in London at midday on Tuesday.
12-month change: down 14%
By Hugh Cameron, Alliance News reporter
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