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InfraStrata raises £0.9m via placing and subscription
Gas storage company InfraStrata has conditionally raised £925,000 through a placing and subscription offer, with the proceeds of the placing to be used to enable funding of its Front End Engineering Design (FEED) project.
The placing of 385.4m new ordinary shares, undertaken with high net worth investors through SI Capital Limited, was priced at 0.24p per ordinary share with warrants attached in two tranches and included a "one for two warrant" for investors to subscribe for additional new ordinary shares at 0.48p per share. Should all 192.7m warrants be exercised within their three-year due date, it would raise an additional £925,000 for the AIM-listed company.
InfraStrata now turns its attention to beginning and completing the FEED programme, which it considers to be "a key step forwards and will enable such discussions to be accelerated and advanced".
Adrian Pocock, chief executive officer, said, "InfraStrata now needs to accelerate the commencement of the FEED work and we will be communicating progress on this to the market, with commencement expected to be announced in the near future.
"In parallel, we are continuing discussions with potential storage customers, project level financing providers and other third parties who have expressed keen interest in this major infrastructure project. Further updates will be made in this regard as appropriate."
As of 0920 BST, shares had lost 7.45% to 0.27p.