AFC Energy (AFC)

 

AFC Energy receives shareholder approval for £8.1m capital raise

AFC Energy has confirmed that shareholders have approved the issue of 80,684,262 New Ordinary Shares to raise, in aggregate, £8.1m before expenses.

The Company said:

The net proceeds of the Fundraise will be used to support the Company on its journey to commercialisation, and specifically for:

- delivery of its commitments under the Company's joint development agreement with De Nora S.p.A. ("De Nora");

- business case development with De Nora;

- scoping study completion with Peel Environmental Limited and other third parties in advance of any potential project deployment;

- fund the ongoing operation of the Company's demonstration plant at Stade, together with ongoing testing costs; and

- general administrative expenses and ongoing working capital.

At 1:34pm: (LON:AFC) AFC Energy PLC share price was -0.5p at 13.88p