European Green Transition (EGT), a company developing a range of assets aimed at capitalising on the opportunity of the green transition and which is chaired by Cathal Friel, has conditionally raised £6.45 on London's AIM.
The firm said it would use the money for development programmes and to support the potential acquisition of additional green economy assets.
EGT said it had successfully placed 64.5m shares with institutional and other investors, conditional on its admission to the AIM, which it expects to take place on April 8th.
It had set out to raise between £5m and £6m, but increased this to £6.4m.
In addition to the fundraise, the business said it also intends to sell additional new shares worth up to £0.5 million to retail investors on the Bookbuild platform at the same price.
"We see significant opportunity in Europe for businesses such as ours that support the green economy transition, and we are encouraged by the recent final approval of the European Critical Raw Materials Act, which was adopted earlier this month to ensure a secure and sustainable supply of critical raw materials within Europe," said Aiden Lavelle, Chief Executive Officer of European Green Transition.
"We are pleased to announce our c.£6.45m fundraise from institutional investors and family offices, an increase from our target raise, and we intend to imminently launch a retail offer through Bookbuild for a maximum of £0.5m."
"The Fundraise provides EGT with funding to progress the execution of our capital efficient development programmes across our portfolio of assets, whilst also potentially supporting the acquisition of further green economy assets within our M&A growth pipeline."
Mr Friel has had previous success with the flotation of companies such as Cove Energy, Open Orphan (now hVIVO) and Amryt.
He owns 43.8% of EGT, with Aiden Lavelle holding 6.9% and CFO Jack Kelly owning 3.2%.
Michael Nolan, founder of Cove Energy, has 11.6% of the remaining shares, with Ian O'Connell, the co-founder of hVIVO and Poolbeg Pharma owns 7.1% and Caroline McNicholas, the former group financial controller of hVIVO holds 0.6%.
EGT has already acquired an assets, including the Olserum Rare Earth Element (REE) project in southern Sweden.
