Polish Biofactory plans NewConnect listing by Sep

Jul 26, 2012 - Polish timber producer Biofactory intends to debut on NewConnect, the alternative market of the Warsaw Stock Exchange, at the end of August or the beginning of September, it said in a statement on Tuesday.

The company said also that it had raised PLN 630,000 (USD 187,000/EUR 152,000) in net proceeds from the issue of series B shares in a private placement. It would use the proceeds to finance the construction of a 2-MW biomass heating plant and the purchase of wood drying lines.

Krzysztof Olbrycht, vice president of Biofactory, said the company planned to expand the biomass heating plant to a 7-MW biomass co-generation plant. It would sell the heat and power output to the local network as well as the related renewable energy certificates.

Biofactory added that it was in the final stages of talks with banks for an investment loan of PLN 2.3 million, of which PLN 680,000 would be repaid in 2013 via an approved European Union (EU) funding.

(PLN 1 = USD 0.297/EUR 0.241)

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