21st Nov 2013 11:01
LONDON (Alliance News) - China New Energy Ltd Thursday said it has raised a further GBP250,000 by way of a subscription for 6.7 million shares at a price of 3.75 pence apiece.
The AIM-quoted engineering and technology solutions provider to the bio-energy sector said the additional funds would be used to further support the company's general working capital.
Following the issuance, China New Energy will have 341.9 million shares outstanding.
At the end of October, China New Energy Ltd raised GBP250,000 by placing 10 million new shares with institutional shareholders, saying it would use the funds for further development of its assets in Nigeria.
China New Energy shares were down 6.3% to 4.6 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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