8th Oct 2019 12:35
(Alliance News) - ADM Energy PLC on Tuesday said its fundraising has been delayed and will now take place in stages, with the first stage already complete.
Shares in ADM were down 2.9% at 4.98 pence in London in midday trading, giving the company a 3.1 million market capitalisation.
ADM had announced previously its conditional fundraising would complete and new shares admitted last Friday. However, "completion of the fundraising in its entirety has been delayed pending receipt of funds and it will now be effected in stages".
The total fundraise amount is around GBP562,360 via an 8.0 million share issue and all stages are set to be completed by the end of October, ADM said.
Thus far, ADM has completed the first stage, conditional upon admission. It raised GBP283,450 from 4.0 million shares at 7 pence each. Following admission of these shares, ADM will have 57.7 million shares in issue.
"Additional stages of the fundraising will be subject to separate application to the London Stock Exchange for admission to trading on AIM and further updates will be made in due course," said ADM.
By Anna Farley; [email protected]
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