Woodbois Ltd on Friday said that it has 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 timber technology firm, the net proceeds will help to ‘strengthen the company’s balance sheet whilst providing additional funding to accelerate exports of its product’.
Woodbois added that increased working capital would enhance its liquidity for ‘timely operational needs’.
The firm went on to say that the fundraise would support growth initiatives, including optimising export to 50 containers a month, ‘funding expansions and innovation to drive future revenues’.
‘The board believes this strategic move enhances stakeholder confidence by demonstrating robust financial management and reduces dependency on debt, providing flexibility to seize market opportunities. The net proceeds will also help the company fund the registration process of its carbon credits trading business,’ Woodbois said.
Shares in Woodbois closed 22% lower at 0.32 pence each in London on Friday. The firm has a market cap of £12.5 million.
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