Scirocco Energy PLC (AIM:SCIR) said US-based investor Prolific Basins LLC invested a further US$1mln in the company under an existing investment facility.
The proceeds will fund investments within sustainable energy and circular economy markets, the company said in an statement after Wednesday’s close.
"This is very positive news", said chief executive Tom Reynolds.
“Seeing the prepayment taken up to the maximum initial level under the terms of the amended Investment Facility clearly demonstrates continuing support for Scirocco and its new investment policy."
Prolific Basin agreed the investment facility in June 2020 and sees the company receive investment tranches as the prepayment for shares to be issued to Prolific Basins, which has a further option to acquire up to another US$3mln.