Woodbois confirms potential equity fundraising

Woodbois confirmed on Friday that it is considering an equity raising.

Responding to market speculation, the company said it has received a proposal from an intermediary regarding a proposed equity fundraising of around £3m.

"The board has evaluated this proposal and intends to make a final decision on receipt of legally binding documentation," it said, adding that there can be no certainty a fundraising will occur.

"The company will provide a further update in due course," it said.

Woodbois is an AIM-listed African-focused forestry company.

At 1405 GMT, the shares were down 5.9% at 1.29p.