China New Energy raises GBP 250,000 more in share sale
Nov 21, 2013 - Bioethanol and biobutanol project developer China New Energy Ltd (LON:CNEL), or CNE, said today it had boosted by GBP 250,000 (USD 402,000/EUR 300,000) the proceeds of its recent GBP-300,000 share placement.
The company will use the additional funds to as general working capital.
As part of the deal, China New Energy agreed to sell 6.7 million more new shares to an institutional investor in addition to the 8.6 million of ordinary shares sold earlier this week. The stock was sold at a price of GBP 0.0375 apiece, while the price in the previous issue was set at GBP 0.035 per share. The newly-issued stock will start trading on the AIM market of the London stock exchange on or around November 26.
Following the placement, China New Energy’s issued share capital will amount to 341.9 million. Each share entitles its owner to one vote. The bioethanol project developer has no ordinary shares in treasury, it noted.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.