Coro Energy PLC (AIM:CORO) has confirmed it has closed its WRAP Retail Offer, which raised just over £126,000 alongside its recapitalisation announced last month.
In January, Coro announced its intention to issue around £2 million of new equity and reorganise its capital, as well as convert bonds into shares. The WRAP investment was a small part of this investment round.
Looking ahead, the plan aims to leave the company debt-free, allowing it to focus on growing as a regional clean energy developer.
Net proceeds from the equity raise will be used to repay debts and allow the firm to continue the development of its pipeline of renewable energy projects.
The completion of the WRAP Retail Offer remains subject to shareholder approval at a general meeting on February 5.