LONDON (ShareCast) - (Sharecast News) - AFC Energy announced on Thursday that it has raised £23m through an oversubscribed placing and director subscription, with plans to raise up to an additional £5m from retail investors.
The AIM-traded hydrogen power technology provider placed 225 million new ordinary shares at 10 pence each, comprising 80.5 million firm placing shares and 144.5 million conditional placing shares.

Four directors - Gary Bullard, John Wilson, Karl Bostock and Monika Biddulph - subscribed for an additional 5 million shares, raising £0.5m.

The issue price represented a 26.3% discount to AFC Energy's closing price on 16 July.

AFC said the firm placing and director subscription shares would be admitted to trading on AIM on 21 July.

The remaining shares, including any issued under the separate retail offer, were conditional on shareholder approval at a general meeting scheduled for 7 August.

It said the retail offer, managed via the RetailBook platform, remained open to existing investors until 1400 BST on 21 July and could raise up to £5m at the same issue price.

Up to 50 million additional shares may be issued under the offer.

The total fundraising represented 26.8% of the company's existing share capital.

None of the fundraising is underwritten.

At 1011 BST, shares in AFC Energy were down 18.94% at 10.99p.

Reporting by Josh White for Sharecast.com.

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