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AFC Energy raises further £2.1mln in oversubscribed open offer

Coupled with the £6mln AFC raised from City investors in a recent placing, the firm has topped up its coffer by more than £8mln

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The company said the cash would support it on “its journey to commercialisation”

Fuel cell specialist AFC Energy plc (LON:AFC) has raised a further £2.1mln from an oversubscribed open offer as part of its recent round of fundraising.

The Roman Abramovich-backed company said the open offer – which saw it issue shares at 10p a piece to existing investors – was oversubscribed by almost 57%.

Chairman Tim Yeo snapped up 50,000 shares to take his overall stake in AFC to 0.24%, while non-executive director Mitchell Field bought 66,322 more shares to take his holding to 0.76%.

Coupled with the £6mln the firm raised from ‘blue chip’ City investors in a placing a couple of weeks’ ago, AFC has raised more than £8mln from this recent round of funding.

Speaking at the announcement of the placing and open offer last month, the company said it would use the cash to support it on “its journey to commercialisation”.

Shares gained 14% on Thursday to change hands for 14.25p shortly before close.

Quick facts: AFC Energy PLC

Price: 21.45 GBX

AIM:AFC
Market: AIM
Market Cap: £102.64 m
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