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Iofina mulls fundraising after recent share price surge

The directors of the company will consider the impact of any fundraising on shareholders when deciding whether or not to proceed.

Pound notes
The company is considering raising at least £5mln

Iodine producer Iofina PLC (LON:IOF) is planning to tap the market for at least £5mln.

The funds raised will enable the company to pay off some of its debt and provide the cash to finance the construction of its IO#8 extraction plant.

READ Iofina’s newest plant helps it to achieve record first quarter

The proposed fundraising comes at a propitious time for Iofina, given its share price has virtually doubled to 32p this month.

The company said it knew of no reason for the share price rise but pointed to its recently reported positive results and the improving iodine market.

The company said that due to the recent steep share price rise, the proposed fundraising would likely be done at a discount to the current share price and added that shareholders would be able to get their hands on some of the newly issued shares via an open offer.

Quick facts: Iofina PLC

Price: 13 GBX

Market: LSE
Market Cap: £24.94 m

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on 23/10/20

2 min read