InfraStrata has conditionally raised £375,000, gross, through a placing of 125,000,000 new ordinary shares at 0.3p apiece with warrants attached. The net proceeds will be used for InfraStrata's corporate costs and care and maintenance costs of its gas storage project at Islandmagee.
The company said it continues to have discussions with prospective providers of debt and other finance to fund the front end engineering design for the project, as well as commercialisation discussions with major "blue chip" potential customers and other prospective partners.
Chief executive Adrian Pocock 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.'
At 8:04am: (LON:INFA) Infrastrata PLC share price was -0.07p at 0.3p