LONDON (Alliance News) - Infrastrata PLC on Friday revealed a placing to raise up to GBP450,625 before expenses.
The petroleum exploration and gas storage company said it will issue up to 36.1 million new shares at 1.25 pence each.
Shares have been placed with new investors, existing shareholders and Chief Executive Andrew Hindle.
"The placing proceeds, together with existing funds, are expected to meet the company's short-term working capital requirements to support the monetisation of the Islandmagee project," Hindle said.
The Islandmagee gas storage project is in Antrim, Northern Ireland.
"The company will work with its project partner, Mutual Energy Ltd, to seek the necessary investment to enable the gas storage project to proceed to full construction. The process will commence in the New Year with the appointment of advisers to assist the company with a review of the best options, in order to secure the maximum value for InfraStrata shareholders as soon as possible," Hindle added.
Shares in Infrastrata were down 7.8% at 1.50p on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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