24th Feb 2014 09:12
LONDON (Alliance News) - DekelOil Public Ltd Monday said it has raised GBP700,000 by placing 46.7 million shares at 1.5 pence each, most of which went to Africa-focused fund Nubuke.
In a statement, the Ivory Coast palm oil project operator said it had placed GBP600,000 with Nubuke, part of its strategy to bring institutional investors onto its share register.
"We view this as a strong endorsement of our achievements to date, which have successfully brought us into first crude palm oil production in the Cote d'Ivoire. We look forward to moving into our next phase of development with the support of this prestigious African fund," Director Lincoln Moore said in a statement.
DekelOil is entering an expansion phase after starting production at its 60 tonnes an hour crude plam oil extraction mill.
Its shares were up 11.8% at 1.705 pence early Monday, one of the top gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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