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Which 3 Stocks Would Warren Buffett Buy?AFC raises funds, loses MD
27-05-2011 10:00
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Alkaline fuel cells developer AFC Energy has raised £3.95m from a share placing at a price of 40p per share.
The firm said the new capital would be used to increase the testing of its commercial fuel cell systems, including the expansion of operating premises.
It said the placing was expected to provide working capital well into 2013.
More than half the shares went to Link Energy, with the rest going to a group of shareholders comprising existing institutional and private investors.
AFC also announced that managing director, Edward Wilson, has resigned due to 'differences in opinion regarding the strategic direction of the company'.
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The firm said the new capital would be used to increase the testing of its commercial fuel cell systems, including the expansion of operating premises.
It said the placing was expected to provide working capital well into 2013.
More than half the shares went to Link Energy, with the rest going to a group of shareholders comprising existing institutional and private investors.
AFC also announced that managing director, Edward Wilson, has resigned due to 'differences in opinion regarding the strategic direction of the company'.
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