20th Jan 2020 12:16
(Alliance News) - AIM-listed AFC Energy PLC on Monday said it has raised GBP1 million before expenses from a single shareholder in a share subscription.
The hydrogen power technology firm said the unnamed shareholder subscribed to 5.9 million shares at a price of 17 pence each. The issue price represents a discount of 20% to AFC's closing price per share on Friday last week.
On Monday, the shares were trading 6.7% lower at 20.34p a share in London, giving AFC Energy a market capitalisation of GBP91.7 million.
Following admission the Cranleigh-headquartered company will have 456.5 million shares in issue overall.
AFC Energy said the net proceeds of the subscription are expected to contribute towards the manufacture of its largest electric vehicle charger unit, with a nameplate of 160 kilowatts to support demonstration and commercial activity in 2020.
By Evelina Grecenko; [email protected]
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