Hydrogen Future Industries PLC (AQSE:HFI) said it has completed a £545,000 fundraising to fund an ongoing feasibility study within the mining sector, continue developing its technologies and provide more working capital.
The developer of a wind-based green hydrogen production system issued 10,900,000 new ordinary shares for 5p apiece, with the subscription including one warrant for every two new shares subscribed.
Warrants are exercisable at the subscription price for two years
As well as other existing and new investors, three directors participated in the fundraising: non-executive chairman Neil Ritson, executive director Daniel Maling and Tim Blake, who is chief executive of the company's wholly owned development subsidiary.
Blake invested a further £50,000 to take his stake to 15,000,000 shares or 24.83% of the total, while Ritson and Maling forked out £25,000 apiece.
Last month, the Aquis-listed company revealed it had begun a feasibility study of its technology with a major mining company on a working mine's tailings and water treatment site in the USA.
Results from HFI more recently have also indicated that testing of its proprietary one-metre-diameter wind turbine in Montana, US, yielded a 270% increase in energy production compared to traditional open-rotor wind turbines, while significant strides were also made in the development of its high-performance electrolyser.