14th May 2019 10:45
LONDON (Alliance News) - Iodine market Iofina PLC on Tuesday said there was no real reason behind the rise in its share price other than positive results for 2018 and strengthening in the iodine market.
Shares in Iofina were 18% lower at 26.20 pence on Tuesday, but on Monday had closed at 32.00 pence.
The company, however, did confirm that it was in advanced stages of raising at least GBP5 million in order to pay down some of its debt and progress construction of the IO No 8 plant.
Due to the rise in the share price, the fundraising is likely to be completed at a discount to the Iofina's market price per share. Iofina intends to raised part of the funds through an open offer to allows existing shareholders to take part.
For 2018, Iofina's production was 588.8 million tonnes of crystalline iodine from its Oklahoma plants, 17% higher year-on-year.
Iofina's revenue rose 15% to USD24.0 million, with the pretax loss narrowing to USD1.4 million. Revenue grew due to the higher output, as well as positive iodine prices.
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