Infrastructure company InfraStrata has opened a share sale to raise £6m to complete the purchase of troubled Northern Ireland yard Harland and Wolff.
The AIM-listed company has opened the share placing “by way of an accelerated bookbuild” for 0.3 pence per share, an 11.7% discount on closing mid-market price on 8 November.
Executive directors of the outfit are subscribing for an aggregate amount of around £20,000.
Proceeds will also be used to repay a bridging loan, to fund progress on the Islandmagee Gas Storage Project and for “general working capital” purposes.
InfraStrata also said it will draw down the second tranche of a loan from its lenders totalling £500,000 to pay overheads at H&W for November.
The company aims to complete the acquisition of H&W by 5 December.