By Devika Patel
Knoxville, Tenn., May 21 - AFC Energy plc said it completed a £4.4 million private placement of shares.
The company sold 40 million ordinary shares at 11p apiece.
Blue Oar Securities was the agent.
Proceeds will be used to provide operating capital for the completion and installation of AFC Energy systems at Akzo Nobel's Bitterfeld site in Germany, and for the development of AFC Energy's 50kW system, as well as for the establishment of manufacturing processes and supply chains with third parties with the opening up of additional sales opportunities.
Based in Surrey, England, AFC is a low-cost alkaline fuel cell company that generates clean electricity from by-product hydrogen.
| Issuer: | AFC Energy plc
|
| Issue: | Ordinary shares
|
| Amount: | £4.4 million
|
| Shares: | 40 million
|
| Price: | 11p
|
| Warrants: | No
|
| Agent: | Blue Oar Securities
|
| Settlement date: | May 21
|
| Stock symbol: | London: AFC
|
| Stock price: | 11.80p at close May 20
|
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