Maple Energy plc, an integrated independent energy company, is to expand its assets in Peru after it raised £22.4 million through an admission to AIM.

Maple Energy plc, an integrated independent energy company, is to expand its assets in Peru after it raised £22.4 million through an admission to AIM.

The company has been valued at some £63.2 million after it placed 32.6 million ordinary shares at 84p each.

Maples’ chairman and executive director, Jack W. Hanks, said this is a great milestone for the company. “We wish to thank our new shareholders for supporting us and we are convinced that Maple has the right board, management and strategy to move forward with continuing success following our admission to AIM.”

The IPO’s nominated adviser and joint broker was Canaccord Adams, with Mirabaud Securities as lead book runner and joint broker. Maple’s placing agent was Banco de Credito del Peru.

Maple was advised by Vinson & Elkins R.L.L.P, on the English and US legal issues of the admission.

The company has also formed an agreement with a Peruvian investment fund, International Finance Corporation (IFC), which holds an equity interest in a subsidiary of the company worth almost 6 million ordinary shares.

Maple Energy will use the proceeds of the placing, and any further investment from its IFC agreement, to finance new projects in the South American country.

Maple has several energy-related operations in Peru including the exploration and production of crude oil, natural gas and natural gas liquids as well as refining, marketing and the distribution of hydrocarbon products. It also focuses on gas-fired power generation and power transmission and has an ethanol project.

Last year, the company generated a $78.5 million (£38.5 million) turnover with EBITDA of $8.7 million (£4.2 million).