Active Energy to raise £1.3 million for Middle East infrastructure opportunities

Active Energy Group PLC (AIM:AEG) said it plans to raise around £1.3 million through a discounted share placing to fund working capital and its push into Middle East infrastructure opportunities linked to digital asset projects.

The AIM-listed alternative energy company said the placing would be conducted by Zeus Capital through an accelerated bookbuild at 0.0825p per share, a discount of about 23% to Wednesday’s closing price of 0.1075p.

Active Energy expects to issue approximately 1.58 billion new ordinary shares, which would represent around 23% of the enlarged issued share capital if the placing is fully taken up.

Net proceeds are earmarked for working capital and activities in the Middle East focused on acquiring and developing infrastructure for digital asset projects. The company said remaining available cash would continue to be used in line with its existing digital assets treasury strategy.