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Infrastrata raises funds for Islandmagee gas storage project
Shares in AIM-listed gas storage business Infrastrata tumbled on Thursday after the group announced it had conditionally raised £375,000 before expenses through a placing of 125,000,000 new ordinary shares at an issue price of 0.3p per share.
The company issued the shares to raise funds to cover corporate costs and care, as well as maintenance financing costs of its Front End Engineering Design (FEED) gas storage project at Islandmagee off the eastern coast of Northern Ireland.
The board believed that, as Islandmagee began to move from a possibility towards a designed and commercialised reality, once fully constructed and operational the project would provide it with the largest gas storage capacity in the UK, barring any alternatives in the meantime.
Adrian Pocock, chief executive of Infrastrata, said, "It is very good to see continued support for the Company as we move forwards with our plans for the Islandmagee gas storage project. We are hopeful that other sources of finance will complete the funding necessary to commence the Front End Engineering Design phase."
The shares closed 18% lower at 0.30p.