Helius Energy to raise £6.55m by proposed 'placing'

The Board of biomass energy development company Helius Energy is to raise £6.55 million (€7.57 million) by way of a placing of New Ordinary Shares at £0.16 per share.

This placing will raise a large sum of capital for Helius, and additional working capital that will allow it to further develop both its immediate and future projects. These include seeking to secure project level funding for the Avonmouth project and planning permission for the Southampton project.

The placing is conditional on the passing of certain resolutions at a general meeting to be held on Friday 21 October.

'We believe that biomass energy is becoming an increasingly important part of the UK's energy mix. The capital raised allows us to continue to develop our pipeline of other projects which follows the achievement of financing Helius' CoRDe Project in Scotland earlier this year,' says Adrian Bowles, CEO of Helius Energy.