Gas storage firm Infrastrata to raise £450k in share sale

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The company behind plans for a gas storage facility at Islandmagee is seeking to raise up to £450,625 through a share placing.

Oil exploration and gas storage firm Infrastrata will issue up to 36.1 million new shares at 1.25 pence each.

Shares have been placed with new investors, existing shareholders and chief executive Andrew Hindle.

“The placing proceeds, together with existing funds, are expected to meet the company’s short-term working capital requirements to support the monetisation of the Islandmagee project,” Mr Hindle said.

“The company will work with its project partner, Mutual Energy Ltd, to seek the necessary investment to enable the project to proceed to full construction. The process will commence in the New Year with the appointment of advisers to assist the company with a review of the best options, in order to secure the maximum value for shareholders.”