Corre Energy, the Dublin-listed renewable energy storage developer, said it plans to raise €2 million from a share sale to its founding shareholders another long-term investor to tide it over as it continues talks with parties interested in making a “strategic investment” in the company.
Corre also intends to carry out an additional share sale to other eligible shareholders in the company to give them the chance to avoid having their stakes watered down by the placing with the group of larger investors.The €2 million of shares are being offered at a price of 46 cents per share, in line with their closing price on Wednesday.
However, according to observers, it is also down to concerns about Corre having failed to sufficiently spell out the financial details of its various projects to allow investors assess their potential for profit.