Mercantile Ports raises £10m to fund contracts, construction

Mercantile Ports & Logistics has raised £9.6m before expenses under a placing and subscription, it announced on Friday.

The AIM-traded firm also undertook an offer on the PrimaryBid platform, which closed for participation at 0800 BST on Thursday.

It said that offer raised gross proceeds of £0.5m at 0.45p per ordinary share.

The company would therefore issue and allot a total of 111,614,477 new shares to satisfy the PrimaryBid offer.

“The company will use the funds raised to fund the servicing of new and existing contracts, the construction of further storage facilities, debt servicing and general working capital purposes,” its board said in its statement.

At 1446 BST, shares in Mercantile Ports & Logistics were down 18.18% at 0.45p.