(Alliance News) - Natural gas storage firm InfraStrata PLC said Thursday that it has raised GBP700,000 through a share placing to fund work in its Islandmagee gas storage project in County Antrim, Northern Ireland.
The company issued 155.5 million shares at 0.45 pence each. It will use the net proceeds to pay for the cost of establishing a pre-construction environmental baseline at the Islandmagee project.
The baseline study, which serves as an impact assessment, "is required to track changes against it throughout the construction and operational phases of the project", Infrastrata said.
InfraStrata said it expects to provide the Northern Irish Department for Agriculture, Environment & Rural Affairs with the baseline study findings in October, with a 42-day public consultation also planned during the fourth quarter of the year.
The company reiterated that it anticipates receiving a final investment decision, to provide funding for the construction of Islandmagee, by the end of 2019.
A EUR1.6 million European Union grant is also still expected to be provided to InfraStrata in order to fund its work during the first half of next year.
Shares in the company were down 11% at 0.44 pence each in London on Thursday afternoon.