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HOME arrow Registration
Pursuit Dynamics raises £6.5m to exploit its bioethanol program
Written by Sam Fountain   
Monday, 31 March 2008
The number of enquiries following its first US bioethanol deal last month, has persuaded PDX platform developer, Pursuit Dynamics to place £6.5m worth of shares in order to better exploit the increased level of interest.

The Huntingdon-based firm said that it plans to raise £6.5m, around £6.2m net of expenses, by placing 2.17m of its shares at 300p, a move which it said will enable the company to offer institutional investors an opportunity to invest in Pursuit Dynamics.

The company said that it has received an encouraging level of enquiries for the PDX Ethanol Reactor, which is capable of increasing bioethanol yield by 14 per cent, after signing an agreement in February for the first full scale production installation in Oregon, US.

"The placing will provide Pursuit Dynamics with additional working capital funding to convert those enquiries into sales and further installations, and it enables the company to meet demand from institutional investors wishing to invest in Pursuit Dynamics," it said in a statement.

The 300p per share placing represents an instant profit for investors, despite the company's share price falling 2p from the opening price to 313p.
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