By Devika Patel
Knoxville, Tenn., May 29 - Gas Turbine Efficiency plc said it has arranged a £3.42 million private placement of shares.
The company will sell 8,989,000 ordinary shares at 38p apiece.
John Bryant, the company's chairman, and Charles Cameron, a non-executive director, have agreed to buy 157,895 shares and 52,631 shares, respectively.
Libertas Capital is the agent.
Jarafalla, Sweden-based Gas Turbine Efficiency designs, manufactures and markets advanced integrated products for environmental, process and asset optimization of gas turbines primarily in the aviation, industrial and oil and gas sectors.
| Issuer: | Gas Turbine Efficiency plc
|
| Issue: | Ordinary shares
|
| Amount: | £3,415,820
|
| Shares: | 8,989,000
|
| Price: | 38p
|
| Warrants: | No
|
| Agent: | Libertas Capital
|
| Investors: | John Bryant (for £60,000), Charles Cameron (for £20,000)
|
| Pricing date: | May 29
|
| Stock symbol: | London: GTE
|
| Stock price: | 45p at close May 28
|
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