30th Oct 2013 09:24
LONDON (Alliance News) - China New Energy Ltd Wednesday said it has raised GBP250,000 by placing 10 million new shares with institutional shareholders, and will use the funds for working capital and further development of its assets in Nigeria.
The newly listed company's shares surged Tuesday after it said it had entered into a memorandum of understanding with Sunbird Bioenergy Africa Limited to develop a flagship biorefinery in Nigeria, with the possibility of extending the deal to cover a further nine refineries.
The stock was trading up another 12.7% early Wednesday at 4.16 pence, one of the biggest rises on the London market.
By Steve McGrath; [email protected]; @SteveMcGrath1
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