Funds from the offering will strengthen Helius Energy’s balance sheet and provide enough working capital to continue with its planned development of Avonmouth project.
Additionally, the company will capitalize all of its outstanding debt of £0.5m as part of its facility with Angus MacDonald, with the issue of ordinary shares at 12 pence a share.
Helius Energy CEO Adrian Bowles said, "We are pleased to have secured this capital investment which clearly demonstrates that investors continue to have confidence in Helius’ ability to deliver high quality projects."
The company has a significant project pipeline, including plans for a 100MW facility at Avonmouth.
Helius Energy secured planning permission for the plant in March 2010 and is currently in talks over construction, equipment and fuel supply contracts.
The company is yet to appoint a purchaser for the plant’s power output.
