Eco Buildings raises £450k via subscription

Modular housing company Eco Buildings Group said on Wednesday that it had raised up £450,000 from new and existing shareholders via a subscription of 4.50m new ordinary shares.

Eco Buildings said the funds will be used to complete the delivery of a 25,000 square metre purchase order for wall panels.

The AIM-listed firm stated that following the completion of the capital raise, it also expects to sign additional purchase orders of wall panels currently in negotiation.

Eco Buildings added that whilst later than expected, following the completion of the "lengthy process of equipment and software upgrades" to its primary production line, it was now in a position to execute on its two long-standing contracts in the Durres region, which were expected to generate of over €114.0m over the coming three years.

As of 1020 BST, Eco Buildings shares were down 3.0% at 11.16p.

Reporting by Iain Gilbert at Sharecast.com