MetalNRG PLC (LON:MNRG) has raised £267,932 through the placing of around 59.5mln new shares at a price of 0.45p each.

The placing price is a 13.5% discount to MetalNRG’s last close price on Tuesday of 0.52p, while the newly issued shares will comprise around 16.55% of the company’s enlarged share capital.

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The new shares are due to be admitted for trading on or around 11 December.

The news sent the shares surging 14.9% to 0.6p in late-afternoon trading on Wednesday.