InfraStrata announces funding update for Islandmagee gas storage project

The Board of InfraStrata plc, the independent gas storage company, announces an update in respect of the Company’s working capital position and its fundraising activities following its announcement on 4 November 2016 (the “Announcement”).

The Board of InfraStrata plc (AIM: INFA), the independent gas storage company, announces an update in respect of the Company’s working capital position and its fundraising activities following its announcement on 4 November 2016 (the “Announcement”).

The Board has recently engaged with potential investors with a view to securing the funding for the FEED and corporate overheads as set out in the Announcement, and this process is ongoing. In the meantime, the Company is in advanced stages of negotiations for potential debt funding to be provided in the short term. The Board currently believes this proposed debt funding will be sufficient, with existing funds, to meet InfraStrata’s minimum levels of corporate costs to the end of 2017, but the progression of the FEED will require the securing of additional funding. It is emphasised that there can be no certainty regarding the timing of the conclusion of any of the Company’s current fundraising negotiations, the terms of such funding and/or whether any new funding will ultimately be secured. Should short-term funding not be forthcoming during January, then the Board will need to consider whether the Company can continue as a going concern.

Further announcements will be made in due course as appropriate.