(Alliance News) – Woodbois Ltd said on Friday it had raised gross proceeds of £1 million through a subscription, for 357.1 million new shares at 0.28 pence each.
According to the Guernsey-based wood technology company, the net proceeds will help “strengthen the company’s balance sheet whilst providing additional funding to accelerate exports of its product”.
Woodbois added that the increase in working capital would increase the company’s liquidity to meet “timely operational needs.”
The company added that the fundraising would support growth initiatives, including optimizing exports to 50 containers per month, “funding expansions and innovation to drive future revenues”.
“The Board believes that this strategic move strengthens stakeholder confidence by demonstrating strong financial management and reduces reliance on debt, thereby providing the flexibility to seize market opportunities. net will also help the company finance the registration process for its carbon credit trading business,” Woodbois said.
Woodbois shares closed 22% lower at 0.32 pence each in London on Friday. The company has a market capitalization of £12.5 million.
By Holly Beveridge, Alliance News Senior Reporter
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