DekelOil has joined London’s Alternative Investment Market to fuel growth, and raised £1.7 million in the process.
Palm oil development company DekelOil has begun life on the London Stock Exchange and has acquired unlisted investment company Boletus Resources.
DekelOil is a 51 per cent owner and operator of a palm oil project which is aiming to become a ‘major’ producer in the Ivory Coast.
The business has joined the Alternative Investment Market and added £1.7 million of institutional investment to its coffers.
It has used the capital to finance the acquisition of Boletus Resources, a company which raised a gross amount of £580,000 from Optiva in 2012.
The funds raised, together with the existing project finance the company says, will be used to complete the construction of a 60 tonne per hour palm oil extraction mill.
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DekelOil executive director, Lincoln Moore, comments, ‘2013 is already proving to be transformational for DekelOil, as we advance the construction of one of West Africa’s largest mills by the end of the year, targeting significant operational cash flow in 2014.
‘The quality of our assets and the work already undertaken to date demonstrates the scale of our ambition and accordingly, our experienced team felt that now was the right time to seek admission to AIM.
‘Expansion is a high priority for DekelOil and we plan to evaluate and potentially acquire, subject to the availability of additional funds, any further value accretive assets in order to generate substantial value for shareholders.’