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Protonex raises 8.8 mln stg via London IPO

Publication Date:28-June-2006
09:30 AM US Eastern Timezone
Source: AFX

LONDON (AFX) - Protonex Technology Corp, a US-based makeer of portable fuel cell systems, said it raised 8.8 mln stg through a placing of more than 10 mln new shares priced at 85 pence each.

The pricing will give Protonex a market capitalisation of 36.8 mln stg once it starts trading on London's Alternative Investment Market on July 3.

Protonex will use the net proceeds of 7.4 mln stg mainly for marketing and product development, acquisitions and investments in related technologies or businesses.

Canaccord Adams is acting as adviser and broker to the company.


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