21st Oct 2013 10:18
LONDON (Alliance News) - Hydrodec Group PLC Monday said it has raised GBP20 million through a share placing and is seeking to raise up to GBP4 million more though an open offer, using some of the funds to pay off all its debt and using the rest to fund growth and development projects.
The company said it would use GBP12.5 million of the placing funds to help pay down its debt to zero.
Hydrodec, which is an AIM-listed oil re-refining company, also said that current trading is strong with earnings before interest, tax, depreciation and amortization up in September, and it is advanced talks with potential strategic partners in the UK and Australia.
Hydrodec shares were up 1% at 12.498 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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