(MENAFN- ProactiveInvestors) () has raised £2.1mln to help pay for drilling of the first well at a gas storage project in Northern Ireland.
The cash injection supplements a grant from the European Commission which was awarded in late 2014.
intends to drill the Islandmagee-1 gas storage well in May. The project in county Antrim ultimately aims to provide a facility to store underground some 18bn cubic feet of gas.
A total of 52.5mln new shares will be issued at a price of 4p per share – just over 46mln new shares placed with institutional and other investors while another 6.475mln shares are being subscribed for by directors of the company.
"We welcome the support of existing and new Institutional and private investors in the placing” said chief executive Andrew Hindle.
“The proceeds of the placing will underwrite the match funding of €2.5 million (c £1.9 million) to enable the project to finalise the grant agreement with the Connecting Europe Facility over the coming weeks and thereby complete the procurement of the Islandmagee-1 well planned for May 2015.”
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