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GEM BioFuels
- BY: Andrew Hore |
- POSTED: 19/07/2010 |
- COMMENTS: Add yours
GEM BioFuels is raising £300,000 from a placing at 8p a share.
The cash will provide working capital and help GEM to complete the audit of its 2009 figures.
Shares in GEM were suspended at 7.25p on 30 June because it had not published its 2009 accounts.
RAB Special Situations bought half the shares in the placing and it owns 50.7% of GEM.
A recent EGM passed a resolution that will allow GEM to issue up to 50m new shares. There were 3.75m issued in this placing. GEM can still issue more new shares than the 35.4m that are currently in issue.
GEM plans to change its name to TerraRossa Plantations in order to reflect that it is involved in non-edible vegetable oil and not a producer of biofuels. The oil can be used for biofuels or turned into electricity.
In January, GEM said it was in discussions with alternative off-take partners because its original partner Natural Fuels Ltd went into administration in April 2009. There has been no news about this.
See more quoted cleantech company news on http://www.quotedcleantech.com
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