(Alliance News) - Engineering company Pressure Technologies PLC on Wednesday said it will secure USD2 million after one-time subsidiary Greenlane Renewables Inc raised USD10 million through a stock offering.
The offering saw Greenlane issue units, which comprised of one-and-a-half shares in the renewable natural gas firm, at USD0.50 each. The offering raised USD10 million.
Pressure Tech shares were 0.2% lower at 137.22 pence each in London on Wednesday morning. Greenlane, which is listed in Canada, closed 20% higher at CAD0.65, about 37.74p, per share in Toronto on Wednesday.
Pressure Tech initially reported Greenlane's offering on Tuesday, but at the time explained that a price per unit was yet to be determined.
Pressure Tech said on Tuesday: "The proceeds of the proposed offering are expected to be used for various purposes, including payment to Pressure Technologies against its outstanding promissory note."
The company added on Wednesday that it will receive USD2 million from Greenlane. The offering will dilute Pressure Tech's stake in Greenlane to below 20%.
The company sold Greenlane to Creation Capital Corp for GBP11.1 million in June.
By Eric Cunha; ericcunha@alliancenews.com
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Pressure Tech (PRES)