24th Jan 2019 11:39
LONDON (Alliance News) - InfraStrata PLC on Thursday said it has raised GBP1.5 million before expenses to accelerate the development of its Islandmagee gas storage project in Northern Ireland, UK.
The energy infrastructure company said it placed 125.0 million shares at a price of 1.2 pence each.
The stock was trading 10% lower on the day Thursday at 1.21 pence a share, giving it a market capitalisation of GBP15 million.
InfraStrata said it has carried out the placing to maintain the project schedule, momentum and utilise experience and work to date. The company expects placing to provide funding for various preparation and enablement works for the project in readiness for construction of two gas storage caverns.
"Whilst considering the undertaking of an equity placing at this stage, we have analysed the effect of further dilution versus the reduction of project risk, aiming to facilitate a better equity retention position in the longer term," explained Chief Executive John Wood.
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INFA.L