Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of renewable energy firm Active Energy (LON: AEG) have fallen on Tuesday after it announced it has raised £7 million from successfully completing an oversubscribed placing and primary bid offer.
The AIM-listed business said 700 million new ordinary shares will be issued. The fundraising and a previously announced CLN restructuring are conditional on the passing of resolutions to be proposed at a general meeting with details sent to shareholders.
Active Energy shares traded as high as 1.15p earlier in the day; however, they are now priced at 1.07p down 2.73%.
Michael Rowan, CEO of Active Energy said: “The Fundraise and the CLN Restructuring represent significant milestones for AEG and will allow AEG to progress and accelerate its business plans for CoalSwitch™ and the Lumberton site.”
“In the long term, the Company aims to build a business that is a global provider in next generation biomass solutions and services,” added Rowan.
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